Ola Electric’s CEO Bhavish Aggarwal has outlined ambitious plans to build the ‘world’s largest electric vehicle ecosystem at one site’. A centerpiece of these plans will be the Future Factory that Ola Electric plans to build in Tamil Nadu. Ola’s Future Factory will manufacture electric two wheelers that include scooters and motorcycles, electric cars, and also batteries that will be used in electric vehicles.
The factory will be spread across over 340 acres, with about 40 acres earmarked for electric two wheeler production while the electric car manufacturing facility will sit on over 200 acres. Another 100 acres will be earmarked to produce lithium cells and batteries. Ola Electric plans to make India a hub of lithium cells, and expects the cost of electric vehicles to drop by over 25 % once local production of lithium cells begins.
While Mr. Aggarwal hasn’t specified the exact investment that will go into Ola Electric’s Future Factory, it’s safe to assume that investment will be in a few billion dollars given the large scale, cash intensive nature of this project. Here are some comments from Mr. Aggarwal,
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At full scale, this hub will produce one million electric cars over six models and two platforms, 10 million electric two wheelers and 100 gigawatt hours of cells every year to create the “world’s largest EV eco-system at a single site. Ola’s product range will span Rs one lakh (entry two wheelers) to Rs 40-50 lakh (premium electric car) and the company’s vision is to be a “global leader in mid-size, small and premium electric cars which are suitable for markets and consumers like India. The e-car will be the “fastest and sportiest” in India. The company is also working on an electric motorcycle and will make an announcement in a couple of months.
Currently, Ola Electric builds the S1 and S1 Pro electric scooters at its Hosur factory. While the S1 was relaunched on 15th August, 2022, the S1 Pro has been on sale for about 9 months now, with Ola Electric delivering about 20,000 units of the electric scooter to buyers across India. Ola Electric has taken an online-only approach to selling its electric scooters, and it remains to be seen if the company will continue with this strategy for its electric cars and motorcycles as well. The electric car is scheduled for launch in the summer of 2024, which is less than 2 years away. The design and development of the electric car is said to be happening at Ola Electric’s UK design facility.
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