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Old 27th October 2023, 13:33   #1
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Ola Electric raises Rs 3,200 crore to set up cell manufacturing unit

Ola Electric has raised Rs 3,200 crore in funding from Temasek-led marquee investors and the State Bank of India. The company plans to use the funds to expand its EV business and set up India’s first lithium-ion cell manufacturing factory.

Ola Electric raises Rs 3,200 crore to set up cell manufacturing unit-20230815025815_s1p1.jpg

Ola Electric plans to expand its production capacity in preparation for its upcoming electric motorcycles and cars. The company is also looking to set up a battery manufacturing unit in Krishnagiri, Tamil Nadu. It is expected to come online by early next year.

Bhavish Aggarwal, Founder & CEO of Ola Electric said, “At Ola, our vision is to end ICE age in automobiles and our upcoming Gigafactory will be a big leap in India’s journey towards becoming a global EV hub. We are committed towards developing core technologies in EVs and cell and are rapidly scaling up manufacturing to further accelerate the transition to sustainable mobility. Our investors and lenders have shown deep faith in Ola’s vision, and we thank them for the constant support and encouragement.”

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Old 27th October 2023, 14:48   #2
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Re: Ola Electric raises Rs 3,200 crore to set up cell manufacturing unit

They have been able to raise lot of money at the expense of others. It will be very difficult for other companies to survive this onslaught. Even in ICE scooters,, there are not many and having many e-scooter makers might not work.

Looks like even the market might be favouring more in them. Hope safety forms a very important part of development.

Last edited by PreludeSH : 27th October 2023 at 14:49.
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Old 27th October 2023, 15:10   #3
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Re: Ola Electric raises Rs 3,200 crore to set up cell manufacturing unit

Even Exide industries which partnered with a foreign firm to open a brand new facility, only assembles lithium battery packs from imported battery cells. Same applies to Okaya, Amaron lithium battery business.

Tata supplies battery pack to MG but buys the cells from Gotion China

Suzuki, Denso, Toshiba plant what are they doing. Suzuki cars will be using the BYD cells and this plant will also be nothing but a assembly plant for making battery packs from imported cells.

So OLA electric will be the first company to actually make Lithium cells in India.
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