This is a significant development in the Indian electric vehicle industry as Ola Electric, one of the leading electric mobility companies, has committed to investing Rs 7,614 crore in Tamil Nadu to produce electric light motor vehicles. This investment will create thousands of jobs and help the state become a hub for electric vehicles in India.
Ola Electric plans to set up an electric vehicle cell plant and an electric four-wheeler plant in the Bargur district of Krishnagiri. Ola also intends to build the world’s largest EV hub in Tamil Nadu, which will include integrated two-wheeler, car, and Lithium cell Gigafactories.
The announcement of this investment comes after the Tamil Nadu government launched its new electric vehicle policy 2023, which aims to attract investments of over Rs 50,000 crore and create 1.50 lakh jobs in the state. This investment will help the state move closer to its goal of becoming the electric vehicle capital of India and will also help accelerate the transition to clean, sustainable transportation.
Overall, this is a positive development for the Indian electric vehicle industry, as it will bring in much-needed investment, create jobs, and help accelerate the transition to clean, sustainable transportation.