News

Ola Electric raises Rs 3,200 crore to set up cell manufacturing unit

Ola Electric plans to expand its production capacity in preparation for its upcoming electric motorcycles and cars.

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 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.”

 
Love Cars Live Cars