Ola Electric aims to turn India into global EV hub, says CEO Bhavish Aggarwal

Ola Electric, buoyed by its inclusion in the Centre's PLI scheme for manufacturing of advanced chemistry cell battery storage, aims to turn India into a global EV hub. Bhavish Aggarwal, CEO of Ola Electric, said the country can become an EV hub as well as for EV cell technology in coming days. Ola Electric, which currently offers S1 and S1 Pro electric scooters, also plans to launch its first electric car soon. It is one of the top EV two-wheeler manufacturers in India at present.

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Ola Electric has bee picked by the heavy industries ministry among four entities to receive benefits under the PLI (Production-Linked Incentive) scheme. The allotment was made for a total of 50 GWh of battery capacity to the four successful bidders. These firms will receive incentives under the country's ₹18,100-crore programme to boost domestic production of advanced chemistry cell (ACC) battery.

On Thursday, Aggarwal took to Twitter to react on the development, saying, "India has the strongest government support for electrification in the whole world! Excited to be selected for the PLI scheme for manufacturing world class cells in India. Today, 90 per cent of global capacity is in China. We will reverse that and make India a global hub for EVs and cell tech."

Besides Ola Electric, Hyundai, Reliance and Rajesh Exports won the bids for the PLI scheme. Ola and Hyundai bagged the bids for 20 GWh capacity each. The PLI scheme, called the National Programme on ACC Battery Storage, is also offering incentives for achieving a manufacturing capacity of 50 Giga Watt Hour.

The beneficiaries of this scheme will be free to choose suitably advanced technology and the corresponding plant and machinery, raw material and other intermediate goods for setting up a cell manufacturing facility. The scheme for ACC along with PLI scheme for the automotive sector and FAME is expected to the country to move towards an environmentally cleaner, sustainable, advanced and more efficient electric vehicles (EV) based system.