SoftBank Group-backed Ola Electric would raise $920 million (approx.
Ola, through its subsidiaries Ola Electric Technologies and Ola Cell Technologies, will raise $920 million (approx.
The company’s total production figures surpassed 100,000 in November and it plans to produce 140,000 cars annually and hire 3,111 workers in Tamil Nadu through the new investment. Ola already manufactures e-bikes in the federal state.
In September, Ola said it wants to expand into Latin America, ASEAN countries and European Union countries, after first invading India’s neighboring country Nepal.
Tamil Nadu, which accounts for nearly a third of the country’s auto exports, is looking to boost EV manufacturing and waives road taxes, registration fees and EV permit fees, according to a policy unveiled this week.
On February 9, Ola Founder and CEO Bhavish Aggarwal said Ola Electric will open 500 experience centers across India by March. The company currently has 200 experience centers in India and plans to launch an electric bike, according to a PTI report.
Earlier this week, the government of Tamil Nadu became the latest state to unveil its Electric Vehicle (EV) Policy for 2023, which aims to attract Rs. 50,000 crore in investments and create 1.50 lakh of jobs to boost the EV industry.
The directive was created against the backdrop of the government’s expectation that battery-powered vehicles will play a crucial role in electrifying last-mile connectivity.
Over the past five years, the state has emerged as a leading electric vehicle manufacturing hub, with new entrants such as Ather Electric and Ola Electric establishing their manufacturing facilities in Tamil Nadu.
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