Ola is looking for 1,000 acres of land for its cell and electric car factory, and it expects to attract an investment of at least Rs 10,000 crore.
Indian electric two-wheeler manufacturer Ola Electric is looking for land to set up its cell and electric car facilities. According to The Indian Express, unnamed sources said that Ola is in talks with multiple states.
Ola plans to buy 1,000 acres of land for the new factory and expects to attract an investment of Rs 10,000 crore.
According to sources familiar with the matter, some states are already competing for the land acquisition bids, as Ola’s four-wheeler ambitions are finally taking shape with some of its concept designs almost ready.
Sources said that the manufacturer is already talking with state governments such as Uttar Pradesh, Maharashtra, Gujarat, Karnataka, Tamil Nadu, and Telangana.
The additional 1,000 acres of land will be for a different four-wheeler factory and its proposed cell factory. The facility will also supply cells for its 2-wheeler and 4-wheeler products range.
The company already has a factory located in Krishnagiri in Tamil Nadu. It is a 500-acre land called Futurefactory, also the world’s largest two-wheeler factory. The company started producing their electric scooter in the said factory last December 2020.
As one of the ten companies that submitted a bid under the Advanced Chemistry Cell Battery Storage Programme in India, Ola is the only Indian auto and EV company that the government has selected under PLI.
Even though its cell PLI bid was for the maximum allowed bid capacity of 20 GWh, Bhavish Aggarwal, Founder, and CEO, Ola Electric, said that Ola plans to set up a big 50GWh factory to facilitate its two-wheelers and four-wheelers plans.
They also recently introduced a new software upgrade, MoveOS2, for the S1 Pro, with features such as the new Eco Mode that increases its range. Ola has become India’s top choice electric two-wheeler maker since they made their first delivery last year.
Ola has publicly announced its plans to launch its first electric car in 2 to 3 years. With its dealer-less D2C (direct to customer) delivery and service model, Ola has become a market leader in a short period.