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To become the hub of EV, Ola Electric to set up 50GWh battery plant in India!

Ola Electric CEO Bhavish Agarwal had said in December last year that the company is aiming to be a leader in making India an EV hub. It has also launched its products in the form of electric scooters. Their price ranges between Rs 1-1.30 lakh. Their manufacturing is being done at the company’s plant in Tamil Nadu. The latest information is that Ola Electric plans to set up a battery cell manufacturing plant in India with a capacity of 50 gigawatt hours (GWh). A source has given this information to Reuters.

According to the report, Ola will need 40GWh of battery capacity to meet its annual target of manufacturing 10 million electric scooters. In addition, electric cars will also require battery capacity. However, electric cars are Ola’s plan for the future.

Initially, the plan is to install 1GWh battery capacity by 2023 and increase it to 20GWh in the next 3-4 years. Another source with knowledge of this plan told Reuters that investment of up to $1 billion (about Rs 7,560 crore) would be required in this plan alone.

Ola itself also wants to invest in companies that are working on advanced cell and battery technology. It will also set up a battery research and development facility in India. Currently, the company imports its battery cells from South Korea.

Battery cell manufacturing is currently dominated by a few more Asian companies, including CATL, LG Energy Solutions and Panasonic. These companies supply large electric auto maker companies like Tesla and Volkswagen. Supplies to major global automakers.

Varun Dubey, Chief Marketing Officer, Ola Electric, told Reuters that battery, cell research and manufacturing are important areas for us. Our plans are in advanced stage, about which we cannot say anything.

From the government’s point of view, India wants companies to locally manufacture clean fuel vehicles and batteries. The government is planning to give an incentive of up to $ 6 billion for this. Ola is one of those companies which have taken their step for this.

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