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SoftBank-Backed Ola to Invest $920m in India EVs, Batteries

In September, Ola said it was looking to expand into Latin America, ASEAN and European Union countries


Mahindra's e2oPlus is seen at electric vehicle charging station in Nagpur
Ola’s cumulative production numbers topped 100,000 in November. Photo: Reuters

 

SoftBank Group-backed Ola Electric would invest $920 million in the southern Indian state of Tamil Nadu to manufacture electric cars and batteries for electric vehicles (EVs), a state government statement said on Saturday.

Ola will make the investment through its subsidiaries Ola Electric Technologies and Ola Cell Technologies, drawn to the growing demand for EVs in India.

The company’s cumulative production numbers topped 100,000 in November. It plans to annually make 140,000 cars and hire 3,111 workers in Tamil Nadu through the new investment.

 

Also read: Tesla to Open US Charging Network to Rivals, Says White House

 

Ola already manufactures e-two wheelers in the state.

In September, Ola said it was looking to expand into Latin America, ASEAN and European Union countries after entering India’s neighbour Nepal first.

Tamil Nadu, which accounts for nearly a third of the country’s automotive exports, is looking to boost EV manufacturing in the state.

It is waiving road tax, registration charges and permit fees for EVs, according to a policy unveiled this week.

 

  • Reuters, with additional editing by Vishakha Saxena

 

Also read:

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India Planning to Classify Clean Tech to Attract Investors

Rising Uptake of EVs Spurs Rethink of India’s Fuel Demand

India’s EV Sales Soar 900% Over Two Years – ET

India Among Contenders For Volvo EV Plant Outside China – ET

 

 

Vishakha Saxena

Vishakha Saxena is the Multimedia and Social Media Editor at Asia Financial. She has been working as a digital journalist since 2013, and is an experienced writer and multimedia producer. As a stock market trader and investor, she is keenly interested in economy, emerging markets and the intersections of finance and society. You can tweet to her @saxenavishakha

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