Indian Ola Electric Mobility to invest $920million to manufacture green cars، batteries
Ola Electric Mobility Private Limited، supported by SoftBank Group،the Japanese multinational conglomerate holding company headquartered in Minato، Tokyo، plans to invest 76.14 billion rupees ($920 million) to manufacture 140 thousand green cars and batteries for electric vehicles (EVs) to driven by the growing demand for green vehicles in India in the next five years in the southern Indian state of Tamil Nadu، which accounts for nearly a third of the country's automotive exports.
Ola Electric Mobility Private Limited plans، through its subsidiaries Ola Electric Technologies and Ola Cell Technologies، to make 140،000 cars annually to confront the growing demand for green cars and batteries in India. and hire 3،111 workers in Tamil Nadu through the new investment.
A memorandum of Understanding was signed between Ola Electric Mobility and Tamil Nadu
The money control site stated that a memorandum of Understanding between Ola Electric Mobility Private Limited، through its subsidiaries Ola Electric Mobility Private Limited and the Tamil Nadu government was signed on today Saturday in the presence of Tamil Nadu Chief Minister M. K. Stalin and Ola CEO Bhavish Aggarwal.
A state government statement said on Saturday said that Ola Electric Mobility Private Limited، through its subsidiaries Ola Electric Mobility Private Limited، and backed by SoftBank Group، would invest this great sum of money million to produce green cars and batteries for electric vehicles by 2028 to respond to the growing demand for EVs in India.
Ola Electric Mobility's cumulative production topped 100،000 in November
Ola Electric Mobility Private Limited's cumulative production numbers topped 100،000 in November، and produced also e-two wheelers as well as plans to annually make 140،000 cars and hire more than 3 thousand workers in Tamil Nadu through the new investment.
Ola Electric Mobility Private Limited confirmed in September that it was looking to expand into Latin America، ASEAN and European Union countries after entering India's neighbour Nepal first.
The major investment by Ola's subsidiaries Ola Electric and Ola Cell Technologies
The major investment will come through Ola's
Electric Technologies and Ola Cell Technologies، and supported b SoftBank Group drawn to the growing demand for EVs in India. It is expected to provide jobs for over 3،000 people.
A Memorandum of Understanding between Ola Electric Mobility Private Limited and the Tamil Nadu government was signed on Saturday in the presence of Tamil Nadu Chief Minister M K Stalin and Ola CEO Bhavish Aggarwal to invest in a cell manufacturing plant and a four-wheeler plant.
Tamil Nadu accounts for third of the country's automotive exports
Tamil Nadu، which accounts for nearly a third of the country's automotive exports، is looking to boost green cars and batteries is waiving road tax، registration charges، and permit fees for electric vehicles.
Tamil Nadu aims to electrify the vehicular fleets operating in the State by leveraging its vibrant automotive ecosystem comprising original equipment manufacturers، auto component ancillaries، highly skilled workforce، and robust R&D capabilities in order to support this goal according to indian government.
