To set up an electric vehicle factory, Ola Electrics is set to obtain around 1500 acres of land in Tamil Nadu, as per the report in The Times of India. The report also stated that the state government has accepted Ola’s plan to obtain the land.
It is possible that it may become one of the biggest deals for a factory in the industry of the Indian automobile.
Ola’s CEO Bhavish Aggarwal may make an announcement in this regard in the next few days, the report stated, citing the sources.
The report also added that it would house a battery cell manufacturing plant, the company’s electric vehicles manufacturing facility and a component supplier ecosystem.
The sources told Times of India that it is expected of Ola to invest around 1 lakh crore in the ‘electric vehicles’ park that it is developing in Tamil Nadu’s Krishnagiri by the end of the decade.
In accordance with the report, Ola already owns the land of 500 acres in the area and is now planning on adding a larger land parcel of 1,500 acres as it is looking forward to expand not only the capacity of its electric two-wheelers business but also planning towards making electric cars along with batteries in the area.
Ola wants to accommodate all its important suppliers and vendors in the very same area.
The first scooter of Ola was launched last year. Ola’s CEO Bhavish Aggarwal has an aggressive expansion strategy as he is not only planning to expand the number of scooter models, but he is also planning on launching motorcycles that may come into existence in the coming year or so.
The economic times reported recently that the electric vehicle maker Ola is also planning to launch its very own EV cab services in Bengaluru.
In spite of consumer complaints about declining service quality, Ola founder Bhavish Aggarwal stated on more than one occasion that the ride business was "highly profitable" and "a mature business”.
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