Bangalore-based Ola on Monday said that it will set up its first electric vehicle (EV) manufacturing facility in Tamil Nadu. The mobility service provider will also be investing Rs 2,400 crore to power its new business vertical which is aiming to sell green vehicle technologies in India and other markets globally.
“This is a significant milestone for Ola and a proud moment for our country as we rapidly progress towards realizing our vision of moving the world to sustainable mobility solutions across shared and owned mobility. This will be one of the most advanced manufacturing facilities in the world,” said Bhavish Aggarwal, Chairman & Group CEO of Ola.
Ola’s entry into the EV segment comes at a time when the Indian automobile sector is driving towards green technological and sustainable transport solutions to inhibit the risk of pollution. The company’s well-funded EV arm aims to roll out its scooters in India, Australia, the Netherlands, and New Zealand, among others. It has ramped up hiring for EV business including General Motors veteran Jose Pinheiro to lead the vertical and Julien Geffard to head Europe’s business.
According to company executives, the EV manufacturing plant will be completed in 18 months and aims to sell around one million vehicles in its first year. The facility will create around 10,000 jobs and Ola is in talks with Karnataka government to set up EV manufacturing plant within the state, it added.