India’s leading electric two wheelers manufacturing company Ola Electric is going to invest $920 million in Tamil Nadu for manufacturing electric cars and batteries.
For this investment Ola has signed a MoU with Tamil Nadu Government recently. Already Ola is manufacturing its electric scooters in the state. This huge investment is for Ola’s future plans.
With this Rs 7,614 Cr rupees, Ola will set up a huge 20 GW capacity lithium-ion battery plant which will be used in Ola electric car and two wheelers. All the investment come with under the Tamil Nadu electric vehicles (EV) policy 2023 that was announced on 14th February by state Government M.K Starlin.
Tamil Nadu Government is expecting this new policy will bring about Rs 50,000 Cr investment on EVs and more than 1 lakh jobs will be created.
The Ola company claims that for this new battery plant will create more than 3,111 jobs and reduce the electric vehicles price after the battery price reduction.
Currently more than 1 lakh people is working with Ola company. In future Ola is planning tho expand its brand in Europe, America and neighbours country where Nepal will be first country.
Right Tamil Nadu is the India’s third largest electric vehicles export. After this policy, Tamil Nadu is expecting this it will acquire 1st position in India. In this policy, Govt reduces road tax, registration charges, EVs charging fees and more.