Ola to build ₹2,400 cr EV plant in Tamil Nadu
Mobility services provider Ola on Monday said it will set up its first electric vehicle (EV) manufacturing plant in Tamil Nadu and will invest ₹2,400 crores to power its new business vertical that aims to sell green vehicle technologies in India and other markets worldwide.
The plant will create around 10,000 jobs, the company said.
“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,” Bhavish Aggarwal, chairman and group chief executive officer, Ola, said in a statement.
Ola’s entry into the EV segment comes at a time when the automobile sector in India is taking rapid strides towards green technologies and sustainable transport solutions to curb the menace of pollution.
The company has ramped up hiring for its new business, including roping in General Motors veteran Jose Pinheiro to lead the EV vertical and Julien Geffard to head its business in Europe. The company plans to double its current headcount of around 2,000 people in its EV arm that could potentially make it the largest vertical within the Bengaluru-headquartered company.
Ola plans to tap the expertise of Dutch electric two-wheeler maker Etergo BV that it acquired in May for its entry into EV manufacturing and had raised $250 million from Japan’s Softbank in July 2019 at a valuation of over $1 billion.
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