Ola Electric Announces $100 Million Investment in Lithium-Ion Battery Gigafactory

BENGALURU: Ola Electric founder Bhavish Aggarwal has revealed that the company is set to invest $100 million in the initial phase of constructing its gigafactory to manufacture indigenous lithium-ion batteries at its facility in Tamil Nadu. The ultimate goal is to power their electric vehicles with these homegrown battery cells starting early next year, replacing the current batteries sourced from Korea and China.

Aggarwal is confident that in-house battery production will lead to cost reductions and improved profitability. However, the decision to transfer these benefits to consumers will depend on market conditions.

Furthermore, Ola Electric is actively working on developing solid-state batteries at its battery innovation centre in Bengaluru. This innovative technology is expected to mitigate the risk of battery fires. Yet, since solid-state battery technology is still in its early phases globally, it is challenging to provide a specific timeline for completion. Notably, companies like Toyota Motors and Nissan are also focusing on similar technology.

Additionally, Ola’s gigafactory boasts an all-women workforce for EV manufacturing. Aggarwal emphasized the discipline and dexterity of women on the factory floor, noting that there are more women in junior roles and some men in managerial positions. The company aims to hire more women at all levels, including management.