Ola Electric, the electric vehicle manufacturer, has raised ₹3,200 crore through equity investments from prominent investors led by Temasek and project debt from the State Bank of India (SBI).
These funds will be directed towards expanding their EV business and establishing India’s first lithium-ion cell manufacturing facility in Krishnagiri, Tamil Nadu, the company said.
The company’s plans include boosting its 2W manufacturing capacity, introducing electric motorcycles and subsequently venturing into electric cars. They are also expediting the construction of gigafactories.
Bhavish Aggarwal, Founder and CEO of Ola Electric, stated their vision of ending the era of internal combustion engine (ICE) automobiles and emphasised their commitment to developing EV and cell technologies, rapidly increasing production to accelerate the transition to sustainable mobility.
The forthcoming cell manufacturing facility will commence with an initial capacity of 5 GWh in phase I, with plans to scale up to 100 GWh at full capacity in subsequent phases. The Krishnagiri gigafactory, expected to be operational early next year, will enable indigenous large-scale cell production, a significant step towards energy independence for India.
Ola Electric is also set to launch an impressive range of motorcycles by the end of next year, catering to a wide range of consumer preferences. This lineup includes four top-tier models: the Diamondhead, Adventure, Roadster, and Cruiser, all designed to meet world-class standards.
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