Ola plans to setup a manufacturing hub for electric two-wheelers in Tamil Nadu
Homegrown ride-hailing giant Ola is looking to set up a manufacturing hub for electric two-wheelers in Tamil Nadu, for which it signed a memorandum of understanding (MoU) with the state government on Monday.
The company in a release said that the planned two-wheeler factory in Tamil Nadu would draw an investment of Rs 2,400 crore, would employ as many as 10,000 people and would have an initial production capacity of 2 million vehicles annually.
“We are excited to announce our plans to set up the world’s largest scooter factory. This is a significant milestone for Ola and a proud moment for our country as we rapidly progress towards realising our vision of moving the world to sustainable mobility solutions,” said Bhavish Aggarwal, Chairman and Group CEO at Ola.
Ola will take on firms such as Bajaj Auto, Hero Motocorp-backed Ather Energy and TVS with its locally-produced electric two-wheelers. The company has plans to sell these vehicles directly to buyers as well as use them in shared mobility.
The company, without specifying when the plant would become operational, said it would manufacture a range of electric scooters with removable batteries. The model is likely to be the AppScooter developed by Amsterdam-based Etergo BV which Ola acquired in May this year.
Reports have suggested that Ola’s electric two-wheeler will be priced comparable to gas-powered scooters currently on sale in India. ET wasn’t able to ascertain the planned pricing of the ride-hailing firm’s scooter.
