Report: Ola to purchase 1500 acres in Tamil Nadu for an EV factory
- ByStartupStory | January 6, 2023
According to a report in The Times of India, Ola Electric plans to purchase over 1500 acres of land in Tamil Nadu to build an electric vehicle plant. According to the article, the state government has authorised Ola’s plan to purchase the site, and it may end up being one of the largest transactions for a plant in the Indian auto sector.
According to the article, which cited sources, Bhavish Aggarwal, CEO of Ola, may make a statement regarding this in the coming days. The report added, “It will house the company’s electric vehicles manufacturing facility, a component supplier ecosystem, and a battery cell manufacturing plant.”
By the end of the decade, sources told TOI, Ola expects to invest over Rs 1 lakh crore in the “electric cars” park it is constructing in Tamil Nadu’s Krishnagiri district.
In the area, Ola already has about 500 acres, and the report said that it “is now adding a much bigger land piece of 1,500 acres as it wants to not only grow the capacity of its electric two-wheeler business, but also looks at building electric cars as well as batteries in the area.”
Ola intends to house all of its essential suppliers and vendors in one location.
In addition to increasing the number of scooter models, Ola CEO Agarwal also intends to offer motorbikes, which might happen within the next year or so. Ola introduced its first scooter last year.
According to a recent article in the Economic Times, the manufacturer of electric vehicles also intends to launch its own EV taxi service in Bengaluru.
The business eventually intends to increase the number of EV taxis to over 10,000 in the city in a single year.
The creator of Ola, Bhavish Aggarwal, has asserted that the ride-hailing industry is “very profitable” and “a mature business” in spite of frequent client complaints about falling service quality.
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