Chennai: Ola Electric would invest $920 million in Tamil Nadu to manufacture electric cars and batteries for electric vehicles (EVs), a statement from the Tamil Nadu government said on Saturday. As per the statement, Ola will invest 76.14 billion rupees ($920 million) through its subsidiaries Ola Electric Technologies and Ola Cell Technologies, drawn to the growing demand for EVs in India.
Notably, Ola’s cumulative production numbers topped 100,000 in November, and the company now plans to annually make 140,000 cars and hire 3,111 workers in Tamil Nadu through the new investment. The company has already manufactures e-two wheelers in the state.
Ola had in September last year said it was looking to expand into Latin America, ASEAN and European Union countries after entering India’s neighbour Nepal first.
On the other hand, the Tamil Nadu government is looking to boost EV manufacturing and is waiving road tax, registration charges and permit fees for EVs, according to a policy unveiled this week.