Ola to set up an electric scooter manufacturing facility in Tamil Nadu. The ride-sharing company has signed an MoU with the Tamil Nadu government and will invest Rs 2,400-crore in this factory. Ola has claimed that this factory will be the world’s largest scooter manufacturing facility.
The company has also said that the factory will create nearly 10,000 jobs and boost local manufacturing. With this move, ola will directly compete with other electric vehicle manufactures such as Hero Electric and TVS Motor company. Ola is planning to export e-scooters to countries in Europe, Asia, and Latin America.
Excited to announce the world’s largest scooter factory in Tamil Nadu. An investment of 2,400cr, it’ll create 10,000 jobs & showcase India’s capability to manufacture global products. I thank honorable @CMOTamilNadu for his vision & support. https://t.co/LELVrxGXln @OlaElectric pic.twitter.com/4pvfB23MlO
— Bhavish Aggarwal (@bhash) December 14, 2020
Ola electric has already raised about $400 million in funding from investors such as Tiger Global, Matrix India among others.