Ola is investing $ 327 million to create “the world’s largest motorcycle factory” in Tamil Nadu
Ola said Monday with the Tamil Nadu government of India to establish “the world’s largest scooter manufacturing facility” in the southern state of India as Indian taxi companies launch new promotions for electric vehicles. He said he had signed a memorandum of agreement.
A SoftBank-backed Indian shipping company has announced that it will invest approximately $ 327 million in the establishment of its factory. This will create about 10,000 jobs and have the initial capacity to produce 2 million electric vehicles annually.
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
The move comes from Ola’s plans to launch and expand two-wheeled electric vehicles in several markets in the next two quarters. Ola Electric, a spin-off from last year’s startup, acquired Amsterdam’s Energy earlier this year. The Dutch have a fleet of scooters that use replaceable high-power batteries that offer a range of 240 km (149 miles). The person said the startup plans to repeat the production of vehicles of similar models.
In 2016, Ola started a motorcycle business that represents a taxi business where someone drives passengers and has earned more than 300,000 people in India. One of India’s most valuable startups, Ola has recently made big bets on motorcycles to extend its services to smaller cities and towns across the country. (Compared to quad bikes, two-wheeled and tricycles provide customers with an affordable driving experience and cruise faster in busy areas.)
Ola said in a statement that the new plant would improve India’s electric vehicle ecosystem and serve customers in markets such as Europe, Asia, and Latin America.
“We are pleased to announce our plans to establish the world’s largest motorcycle manufacturer. This is an important milestone for Ola. And towards our vision of leading the world to sustainable mobility solutions through shared and unique mobility. This is a proud moment for our country to move rapidly, “This factory will showcase India’s skills. And talents to produce world-class products that meet the needs of the global market.” Bhavish Aggarwal, Chairman, and CEO of Ola Group said.