📷 Image Credits: Moneycontrol
Ola Electric, the pioneering electric vehicle manufacturer in India, is set to revolutionize the industry with its own homegrown lithium-ion battery cells. Founder and managing director Bhavish Aggarwal shared exciting news during a recent press briefing, stating that the company’s scooters will be powered by these cells by early next year. This announcement comes after Sebi’s approval of Ola Electric’s DRHP, marking a significant milestone for the company’s ambitious plans.
The Ola Gigafactory, spread across 110 acres, has kickstarted operations with a capacity of 5 GWh and is on track to scale up to an impressive 100 GWh in phases. Aggarwal disclosed that the company has invested approximately $100 million for the initial expansion phase of the Gigafactory, with plans to further enhance the capacity in the near future.
By producing its own lithium-ion battery cells locally, Ola Electric aims to reduce its dependency on imports and drive down the cost of electric vehicles significantly. Currently, the company sources its cells from South Korea and China, but with the introduction of indigenous cells, the cost of the battery pack is expected to decrease by 40-50%, making EVs more accessible to the Indian market.
In a strategic move, Ola Electric had previously signed an MoU with the Tamil Nadu government, pledging a substantial investment of Rs 7,614 crore for the manufacturing of electric vehicles, two-wheelers, and lithium cell gigafactories in the state. The establishment of a Gigafactory signifies Ola Electric’s commitment to domestic production and sustainability.
Furthermore, the company’s decision to venture into solid-state batteries is a groundbreaking development in the EV sector. Aggarwal revealed that Ola Electric is in the early stages of experimenting with these advanced batteries, which offer superior safety, longer lifespan, and faster charging capabilities compared to traditional lithium-ion batteries.
In the quest for innovation and self-reliance, Ola Electric’s relentless pursuit of excellence and sustainability is poised to reshape the future of electric mobility in India. With pioneering initiatives like developing homegrown lithium-ion cells and exploring solid-state battery technology, the company is driving the green revolution forward in the country’s automotive industry.
