Ola Electric’s CEO Bhavish Aggarwal has outlined an ambitious plan to build the ‘World’s Largest Electric Vehicle Ecosystem At One Site’. The plan will be executed in the Future Factory of Ola in Tamil Nadu. Ola decided to manufacture two-wheeler electric vehicles, including scooters & motorcycles, cars, and batteries to be used in electric vehicles. It will help to meet the emerging demand for electric vehicles. As per the records, India recorded a 240% higher electric vehicle demand in 2021 than in 2020.
However, the exact investment has not been disclosed by the CEO that will go into Ola Electric’s Future Factory. It is expected that the investment will be in billion dollars.
The factory will be spread across over 340 acres that will be divided into three sections━ 40 acres for electric two-wheeler production and 200 for cars. Another 100 acres will be reserved to produce lithium cells and batteries. With this, Ola Electric plans to make India a hub of lithium cells and expects the cost of EVs to drop by 25% once the local production of lithium cells begins.
“At full scale, this hub will produce one million electric cars over six models and two platforms, 10 million electric two-wheelers and 100-gigawatt hours of cells every year to create the world’s largest EV ecosystem at a single site. Ola’s product range will span Rs one lakh (entry two-wheelers) to Rs 40-50 lakh (premium electric car). The company’s vision is to be a “global leader in mid-size, small and premium electric cars which are suitable for markets and consumers like India. The e-car will be the “fastest and sportiest” in India. The company is also working on an electric motorcycle and will make an announcement in a couple of months”, said CEO Bhavish Aggarwal.
Currently, Ola Electric Builds the S1 and S1 Pro scooters and takes an online approach to sell its vehicles. It remains to see if the company will continue with this strategy. One EV is scheduled to launch in the summer of 2024.