Ola Electric, led by Bhavish Aggarwal, has announced its plans to invest over $918 million in Tamil Nadu to establish plants for electric vehicle (EV) manufacturing and battery production.
ET citing sources from state government reports, the four-wheeler plant will cost around $312 million while an advanced cell chemistry plant for battery manufacturing will cost $672 million.
The plants will be located in Krishnagiri and Dharmapuri districts, occupying 2,000 acres of land, and will be part of a larger ancillary ecosystem at a single location.
Ola Electric already has a two-wheeler plant in Krishnagiri, where monthly sales have consistently increased since September 2021, reaching 17,279 units in December 2022.
Ola Electric aims to begin mass production of cells from its upcoming EV Hub by 2023, with a focus on building local supply chains for new materials and components.
The company plans to build an electric car with a 500-km range on a single charge by 2024 and has set a goal of selling 1 million electric cars by 2026-2027
