Ola to invest Rs 2,400Cr for scooter factory in TN
Chennai: Ride-hailing major Ola said on Monday that it will make an investment of Rs 2,400 crore for setting up the “world’s largest” scooter factory in Tamil Nadu.
The Bengaluru-headquartered company said it signed a memorandum of understanding (MoU) with the Tamil Nadu government for setting up the factory which is in line with the firm’s aim to make India a manufacturing hub for electric vehicles.
Upon completion, the factory will create almost 10,000 jobs and will be the world’s largest scooter manufacturing facility, which will initially have an annual capacity of two million units, Ola said.
The announcement comes as the company is gearing up to launch the first of its range of electric scooters in the coming months.
The Tamil Nadu factory will cater to customers not only in India but in markets around the world including Europe, Asia, Latin America, and more.
“This will be one of the most advanced manufacturing facilities in the world. This factory will showcase India’s skill and talent to produce world-class products that will cater to global markets,” Bhavish Aggarwal, Chairman and Group CEO, Ola, said in a statement.
The factory will produce Ola’s upcoming range of two-wheeler products starting with Ola’s electric scooter.
Ola said that it features a beautiful and seamless design, removable banana battery that is easy to carry and can be charged anywhere as well as “intelligent” software designed to elevates the consumer experience of owning a scooter.
Earlier this year Ola announced plans to hire over 2,000 people for its electric business as it builds a suite of electric and smart urban mobility solutions for consumers around the world.
Recently, the company also roped in General Motors veteran Jose Pinheiro to head its global manufacturing and operations.