Tamil Nadu signs MoU worth ₹7,614 cr with OLA Electric to make EVs

These activities will employ as many as 3,111 people, the state government said in an official statement. In a booster to the EV industry, the Tamil Nadu government recently unveiled its electric vehicle (EV) policy in 2023 to attract investments to the tune of Rs 50,000 crore and generate 1.50 lakh jobs. Chief Minister M K Stalin formally released the new policy on February 14.

NewsBharati 18-Feb-2023 15:57:47 PM

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Chennai, February 18:Tamil Nadu government today announced that electric vehicle maker Ola Electric would invest $920 million in the state to manufacture electric cars and batteries.

The state government has signed an MoU with the company for the production of four-wheeler electric vehicles and the establishment of a 20 GW battery manufacturing capacity at an investment of Rs 7,614 crore. Ola will invest in its subsidiaries Ola Electric Technologies and Ola Cell Technologies.

These activities will employ as many as 3,111 people, the state government said in an official statement. In a booster to the EV industry, the Tamil Nadu government recently unveiled its electric vehicle (EV) policy in 2023 to attract investments to the tune of Rs 50,000 crore and generate 1.50 lakh jobs. Chief Minister M K Stalin formally released the new policy on February 14.

Ola already manufactures electric two-wheelers in the state.

Tamil Nadu CM MK Stalin signs MoU with OLA Electric Mobility at Chennai Secretariat for the production of four-wheeler electric vehicles & establishment of 20 GW battery manufacturing capacity at an investment of Rs 7,614 crore to provide employment to 3,111 people. pic.twitter.com/jeoc5R6AWO
— ANI (@ANI) February 18, 2023

Ola currently produces over 1 lakh vehicles, and it plans to annually manufacture 140,000 cars and hire 3,111 workers in Tamil Nadu through the new investment.

In September, Ola said it was looking to expand into Latin America, ASEAN and European Union countries after entering India's neighbour Nepal first. Tamil Nadu, which accounts for nearly a third of the country's automotive exports, is looking to boost EV manufacturing and is waiving road tax, registration charges and permit fees for EVs, according to a policy unveiled this week.