Ola Electric - A step ahead in the Electric Vehicle Industry, India
Ola Electric announced a step towards accomplishing its motto "The future of mobility is green!"
It takes a whopping amount of INR 2,400 crore to attract various elements. To create a charm of the electric scooters in India Ola Electric planned to go for it. It will build the world largest electric scooters manufacturing plant in Tamil Nadu, India.
Yes, you read it right! Big numbers lined up for Tamil Nadu from Ola. From manufacturing, marketing and generating employment Ola Electric has planned and sorted all of it.
How do they plan to do so?
A notable investment of Rs. 2,400 was provided from Ola Electric to the government of Tamil Nadu. Plans to set world largest electric scooters manufacturing unit to market green vehicle technologies in India.
Ola has planned out to hire more than 2,000 people for the electric business. It is highly active on its portal and other hiring platforms.
Electric Vehicle Industry, India!
This opportunity comes at a perfect time as the electric vehicle industry (automobile) in India is rising. People are getting aware of EV's and the usages. They are overcoming the fear of range anxieties and taking high stands towards nature.
As of now, the EV segment accounts for less than 1% of total vehicle sales of which two-wheelers account for 5,00,000 vehicles, according to the Society of Manufacturers of Electric Vehicles (SMEV). However, these numbers are to rise as Indian's are educating themselves about EV and its benefits.
Additionally, it plans to launch and set up charging stations for Indian customers in the county.
It supports the Prime Ministers vocal for local and wants to manufacture in India, for the country to be less dependent on foreign companies. They want to establish and get a hold in India before anyone else does it so.
According to PTI, "Ola Electric has raised about USD 400 million in funding from Tiger Global, Matrix India, Tata Sons Chairman Emeritus Ratan Tata and others."
Ola proposes to draw the expertise of Dutch electric two-wheeler maker Etergo BV that it acquired in May for its entry into EV manufacturing.
What Bhavish Aggarwal has to say about it?
"This is a significant milestone for Ola and a proud moment for our country as we rapidly progress towards realizing our vision of moving the world to sustainable mobility solutions across shared and owned mobility. It will be one of the most advanced manufacturing facilities in the world," Bhavish Aggarwal, chairman and group chief executive officer, Ola, said in a statement.
India is the storehouse of talents from masters in the field to individual skills-set and workforce. It is an asset to every organization and the country that makes India a leader when the specified matter is manufacturing EVs.
You might be wondering why Tamil Nadu?
Recently, the state government is welcoming various potential investments. Tamil Nadu has signed 18 MoU's to raise approximately Rs.20K crore and generated over 26,000 jobs overall. These come from Torrent Gas, First Solar, Society for Smart E-Mobility, Ola and Voltas. These are from diverse sectors: electric vehicles, solar power, energy power, wind power, auto components to education and textiles.
You might have a question! Why presently only electric two-wheelers that are electric scooters are to be launched and manufactured in India? A senior official stated that "We want to have a product in all EV categories". Initially, it intends to launch its scooters first and then it will endeavour in other electric vehicle categories of two, three and even four-wheelers.