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The Tamil Nadu government has issued a statement that electric vehicle manufacturer Ola Electric will be investing Rs 7,614 crore ($920 million) in Tamil Nadu for the production of electric cars and batteries for electric vehicles (EVs).
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The investment of $920 million from the firm will come through its subsidiaries Ola Electric Technologies and Ola Cell Technologies.
The statement held that the investment is being made due to the growing demand for electric vehicles in the country.
Last year Ola Electric CEO Bhavish Aggarwal announced that the company succeeded in making a Li-ion cell indigenously and it will help support the Indian EV industry as India doesn’t have much organization in the manufacture of batteries for electric vehicles.
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Ola Electric looks to manufacture 140,000 cars annually and hire more than 3,000 workers in Tamil Nadu through the newly proposed investment. It’s already making electric-two wheelers in Tamil Nadu.
As far as the sales of electric two wheelers are concerned in India for December, 2022, Ola Electric claims to have sold 25,000 units of electric scooters to remain on top position and the company sold a massive 1.5 lakh e-two wheelers in the entire year.
A recent survey by Statiq on the developments in the Indian EV sector found that in the electric two wheelers segment, Ola Electric is one of the most preferred brands in India.
Ola Electric claims to hold a market share of over 30 per cent in India in the electric two wheeler segment. The company has started business in Nepal. It announced recently that it now looks to expand to Latin America, ASEAN and the European Union.
The Tamil Nadu government has just come up with a new Electric Vehicle Policy for the state through which it aims at boosting EV manufacturing. Among a plethora of measures, the government has waived road tax, registration charges and permit fees for electric vehicles besides offering subsidies.
