Business Standard - In a further push to Ola Electric Mobility's plan to launch four-wheeler Electric Vehicles (EVs) by 2024, the SoftBank-backed company has signed a memorandum of understanding with the government of Tamil Nadu to set up a four-wheeler EV manufacturing plant and a 20 giga watt battery manufacturing unit in Krishnagiri District. Read more
Ola Electric Mobility is an Indian electric two-wheeler manufacturer, based in Bengaluru. Its manufacturing plant is located in Krishnagiri, Tamil Nadu, India. It was founded in 2019.
It is an electric vehicle business spun out from Olacabs. Ola Electric Mobility focuses on deploying charging in battery-swapping networks for the commercial electric vehicles segment.
It is an Indian Non-Government Company. It's a private company and is classified as 'company limited by shares'.
What is the 'company limited by shares'? It is a corporate entity that is legally separate from any directors and shareholders. As it can stand alone as a legal entity, it can enter contracts as a company and hold assets in its name. The word limited here refers to the shareholders limited liability.
Ola Electric Mobility is directed towards launching four-wheeler electric vehicles by 2024. It has signed a memorandum of understanding with the government of Tamil Nadu to set up a four-wheeler EV manufacturing plant and a 20 gigawatt battery manufacturing unit in Krishnagiri District.
Ola is likely to investigate 76.14 billion rupees ($920 million) through its subsidiaries Ola Electric Technologies and Ola Cell Technologies, converting 3111 jobs and converting its facility into the world's largest EV hub with two-wheeler, car and lithium cell giga factories.
Out of the total investment around Rs 5114 crore will go into the cell manufacturing plants, and the remaining Rs 2,500 crore will go into the four-wheeler manufacturing unit. The plan is to set up a unit to produce 140,000 electric four-wheelers per annum.
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