Ola to establish electric vehicle manufacturing unit in Hosur

Bengaluru-based cab aggregator Ola on Monday announced that it will invest Rs 2,400 crores to set up a factory to manufacture electric two-wheelers in Hosur in Tamil Nadu.

The factory, once operational, will initially have an annual production capacity of two million units. Ola Electric Mobility signed a Memorandum of Understanding (MoU) with the Tamil Nadu government in the presence of Chief Minister Edappadi K Palaniswami at an event in Chennai.

The new factory, which Ola says will be the largest scooter manufacturing facility in the world, will come up in Hosur, 40 km from Bengaluru.