Get All Access for $5/mo

Ola Electric To Invest $920 Million In Tamil Nadu: Report The reports stated that Ola will invest $920 million through its subsidiaries Ola Electric Technologies and Ola Cell Technologies, drawn to the growing demand for EVs in India

By Teena Jose

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Ola Twitter handle

Tamil Nadu state government, in an official statement, said that electric vehicle manufacturer Ola Electric would invest $920 million in the state to manufacture electric cars and batteries, according to media reports. It also stated that Ola will invest $920 million through its subsidiaries Ola Electric Technologies and Ola Cell Technologies, drawn to the growing demand for EVs in India.

The Tamil Nadu state government has signed an MoU with the company for the production of four-wheeler electric vehicles and the establishment of 20 GW battery manufacturing capacity at an investment of INR 7,614 crore. Though the company's cumulative production numbers topped 100,000 in November, and it plans to annually make 140,000 cars and hire 3,111 workers in Tamil Nadu through the new investment, where the company already manufactures e-two wheelers in the state, the reports added.

In September, Ola said it was looking to expand into Latin America, ASEAN and European Union countries after entering India's neighbour Nepal first, as per the report.

With a focus to develop the EV ecosystem in the state, the Tamil Nadu Chief Minister M K Stalin formally released the new EV policy on February 14, in which it unveiled its electric vehicle (EV) policy 2023 to attract investments to the tune of INR 50,000 crore and generate 1.50 lakh jobs. According to the policy, the government will promote Chennai, Coimbatore, Tiruchirappalli, Madurai, Salem, and Tirunelveli as pilot cities for implementing e-mobility solutions. Tamil Nadu had reportedly signed MoUs with an investment interest of nearly INR 24,000 crore and employment potential of 48,000 jobs in the EV value chain.

In a recent interaction with Entrepreneur India, Ola Electric CFO G R Arun Kumar had said that investment in self-manufacturing is absolutely essential.

"Fundamentally, the sooner the industry invests in technology, the better it is for our industry. The industry should commit to the customers like how leading players like us do. Investment in self-manufacturing is absolutely essential. Plus, we need the right skill sets for a faster transition to EVs (electric vehicles). Lastly, we need to set up manufacturing at a global scale so that the economies drive costs down," the CFO said while sharing the key things he thinks the EV industry should do in India.

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.
Science & Technology

Why We Shouldn't Fear AI in Education (and How to Use It Effectively)

Facing resistance to new technologies in the educational process is nothing new, and AI is no exception. Yet, this powerful tool is set to overcome these challenges and revolutionize education, preparing students and professionals for a future of unparalleled efficiency and personalized learning.

Growing a Business

How to Determine The Ideal Length of Your Marketing Emails Your Customers Will Actually Read

Wondering how long your marketing emails should be? Here's what consumers say — so you can send them exactly what they like.

Business News

A Former Corporate Lawyer Now Makes Six Figures on YouTube — Here's How She Does It

Here are the secrets to starting and growing a successful YouTube channel, according to a YouTuber with millions of subscribers.

Business News

New Southwest Airlines Major Investor Wants to Force Out CEO, Slams Company's 'Stubborn Unwillingness to Evolve'

Elliot Investment Management announced a $1.9 billion stake in the Dallas-based Southwest Airlines on Monday and is urging shareholders to vote for new leadership.

Business News

Elon Musk Threatens to Ban Employees from Using Apple Products, Says Will Lock Devices in 'Cages'

The Tesla founder sounded off on X following Apple's 2024 Worldwide Developer Conference on Monday.