Ola Electric, an electric vehicle manufacturer, committed to invest Rs 7,614 crore in the state of Tamil Nadu in order to produce electric light motor vehicles. This comes days after the state government announced its policy to encourage the sector.Â
According to the Tamil Nadu government, these investments will enable Ola Electric to set up 20 GW of lithium-cell manufacturing plants. In addition, Ola Electric’s overall investments would create 3,111 new jobs in the State.
The Tamil Nadu government recently unveiled its electric vehicle policy, 2023. It aims to attract investments up to Rs 50,000 crore and create 1.50 lakh jobs. This is a major boost for the EV industry. Officially, Ola Electric Mobility Pvt Ltd signed an agreement to commit investments of Rs 7,614 crore with the Government of Tamil Nadu.
Guidance Tamil Nadu (the nodal agency for government investments) stated that the project includes an electric vehicle cell plant as well as an electric four-wheeler plant. This will create employment for up to 3111 people. The guidance stated that this MoU and the recently launched EV policy were significant steps toward Tamil Nadu becoming the EV capital in India. This will build on its reputation as the automotive capital.
Bhavish Aggarwal, Ola Electric CEO, and Co-founder stated that Ola will create the largest EV hub in the world with integrated two-wheeler and car vehicles. He thanked Chief Minister M K Stalin for the support and partnership by the TN Govt in a tweet.
Ola Electric has a number of aggressive plans for the domestic market. It will launch a variety of models, including electric cars and motorbikes. 500 experience centers across the country will be open by March.