Tamil-Nadu-based electric two-wheeler manufacturer Ola Electric is considering building a battery cell manufacturing plant in India. The company is looking to set up an EV cell production facility and is looking out for partners.
The said facility will come with a capacity of up to 50-gigawatt hours. Around 10 million electric scooters will be produced each year at this facility, besides manufacturing electric cars in the future. The investment cost to set this up is around Rs.7,700 Cr.
Ola founder and CEO Bhavish Aggarwal has already met over 40 global suppliers (including companies like Dürr AG and Siemens and other suppliers from Germany, Korea, and Japan) in Bengaluru to discuss the potential deal. They have also visited the Ola Futurefactory in Krishnagiri, Tamil Nadu, this week to realise the dream of battery manufacturing.
Currently, Ola Electric gets its battery cells imported from South Korea. This new plant will enable the electric vehicle maker to be less dependent on foreign markets for the component that is the most expensive part of an EV.
Bagging The Prestigious Title
Ola Electric has bagged the title of being the only Indian auto and EV company to have been selected by the government under its ambitious Rs.80,000 Cr cell PLI scheme.
In line with its broader electrification push, Ola Electric plans to invest in companies with advanced cell and battery technology in the future. An even larger 50 GWh gigafactory and a battery innovation centre are also in the pipeline to support its two-wheeler and four-wheeler roadmap for India and the world.
Too long? Here’s a one-liner: Ola Electric is in talks with multiple global suppliers to partner with them for its upcoming battery cell manufacturing plant in India, worth Rs.7,700 Cr of investment.