Ola to build Rs 2,400 cr EV plant in Tamil Nadu

Mobility services provider Ola said it will set up its first electric vehicle (EV) manufacturing plant in Tamil Nadu and will invest Rs 2,400 crore to power its new business vertical that aims to sell green vehicle technologies in India and other markets world-wide.

The plant will create around 10,000 jobs, the company said.

The ride-hailing company is betting big on its well-funded EV arm that aims to roll out its scooters in India, Australia, the Netherlands, New Zealand, among other places, by the first quarter of 2021.

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.

Ola’s factory will also cater to markets in Europe, Asia and Latin America, among others, the company said. The manufacturing facility will be completed in around 18 months and aims to sell around one million vehicles in its first year, according to company executives.

 

Asianet.in/NewsDesk: Asianet Online