Ola to invest Rs 2,400 cr to set up e-scooter factory in Tamil Nadu
PTI, Dec 14, 2020, 6:24 PM IST
New Delhi: Ride-hailing platform Ola on Monday said it has inked an agreement with the Tamil Nadu government to invest Rs 2,400 crore for setting up its first electric scooter factory in the State.
Upon completion, the factory will create nearly 10,000 jobs and will be the world’s largest scooter manufacturing facility that will initially have an annual capacity of 2 million units, a statement said.
”In line with Prime Minister Narendra Modi’s vision, Ola’s factory is an important step in making an Atmanirbhar Bharat. It will catalyse reduction of India’s import dependence in a key future sector like electric vehicles, boost local manufacturing, create jobs as well as improve the technical expertise in the country,” it added.
Ola said India with its unique skill-sets, manpower and demography, is well placed to be a global hub for cutting edge manufacturing of electric vehicle (EVs).
Ola’s factory will cater to customers not only in India but in markets around the world including Europe, Asia, Latin America and others, the statement said.
The company is gearing up to launch the first of its range of electric scooters in the coming months. The new manufacturing plant – expected to be operational in a year’s time – aligns with Ola’s global vision to move mobility into a more sustainable, accessible and connected future.
Earlier this month, Ola had said it will launch its electric two-wheeler range in New Zealand to help support the New Zealand government’s goal of bringing on road 64,000 new electric vehicles by the end of 2021, while also helping the public sector become carbon neutral by 2025.
”We are excited to announce our plans to set up the world’s largest scooter factory. This is a significant milestone for Ola and a proud moment for our country as we rapidly progress towards realising our vision of moving the world to sustainable mobility solutions across shared and owned mobility,” Ola Chairman and Group CEO Bhavish Aggarwal said.
He added that this factory will be one of the most advanced manufacturing facilities in the world. ”This factory will showcase India’s skill and talent to produce world-class products that will cater to global markets,” he said.
Earlier this year, SoftBank-backed Ola had announced plans to hire over 2,000 people for its electric business as it rapidly builds a suite of electric and smart urban mobility solutions for consumers around the world.
Recently, the company roped in General Motor Veteran Jose Pinheiro to head its global manufacturing and operations for its electric business.
Ola Electric – the EV arm of Ola – has raised about USD 400 million in funding from Tiger Global, Matrix India, Tata Sons Chairman Emeritus Ratan Tata and others.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
Sensex, Nifty decline on selling in IT shares, FII sellout; end Samvat 2080 with 22% gains
Sensex, Nifty decline in early trade on unabated foreign fund outflows, selling in IT stocks
Gold surges Rs 1,000 to breach Rs 82k-mark as Diwali sparkles demand
Car makers witness record sales on Dhanteras; Oct bookings up by 30%
Dhanteras begins on slow note; Jewellers expect footfalls to increase
MUST WATCH
Latest Additions
Jayant Patil claims BJP used irrigation ‘scam’ to blackmail Ajit Pawar; Fadnavis, NCP chief hit back
Medical College expels 5 MBBS students from hostel for ragging juniors
Insulting women is in DNA of Cong leaders, alleges Jharkhand BJP
Man arrested from Delhi for calling up Pappu Yadav posing as aide of Lawrence Bishnoi
Tejasvi Surya hits out at Kharge, CMs of Cong-ruled states over poll promises
Thanks for visiting Udayavani
You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.