Ola plans largest EV hub in India
Ola Electric Mobility plans to build what it says will be the world’s largest electric vehicle hub with an investment of Rs 7,610 crore ($920 million) to localise the supply chain for cleaner transport. The hub, spanning 2,000 acres in Tamil Nadu, will be used for manufacturing electric two-wheelers, cars and battery cells, in addition to housing vendor and supplier parks, Ola said in a statement on Friday. The startup will begin mass production of cells from the hub later this year, it said.
While localising critical elements of the EV supply chain, such as batteries, will make EVs more affordable, India has only a fraction of the raw materials needed to satisfy domestic demand for lithium-ion batteries forecast by Crisil to grow 100- fold by 2030.
