<p>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.</p>.<p>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.</p>.<p>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.</p>.<p>The announcement by Ola about the facility to manufacture electric two-wheelers comes months after the company acquired Amsterdam-based Etergo BV, which has built a scooter that uses a swappable, high energy battery that delivers a range of up to 240 km.</p>.<p>Ola had also announced that it had plans to launch electric scooters made in Europe in the Indian market in the first half of 2021. The new factory will come up in Hosur at an investment of Rs 2,354 crore, while bringing employment opportunities for about 2,182 persons initially, a senior government official said.</p>.<p>The official said the investment by Ola is a major boost to the Tamil Nadu government’s initiative to emerge as a hub for electric vehicle manufacturers and recalled the state’s exclusive electric vehicle policy released last year that offers incentives to manufacturers.</p>.<p>The state’s capital Chennai is already known as India’s Detroit for it houses factories of some of the top automobile manufacturers in the world.</p>.<p>In a statement, Ola said the factory, upon completion, will create almost 10,000 jobs. The new factory will not just cater to the domestic market but also to international markets like Europe, Asia, and Latin America.</p>.<p>Hosur is an industrial town in Tamil Nadu located very close to Bengaluru housing several companies and manufacturing units of business conglomerates, including TVS Motor Company.</p>.<p>Bhavish Aggarwal, Chairman and Group CEO, Ola, said the world’s largest scooter factory is a significant milestone for Ola and a proud moment for India.</p>.<p>“This will be one of the most advanced manufacturing facilities in the world. This factory will showcase India’s skill and talent to produce world-class products that will cater to global markets,” he said in the statement.</p>.<p align="left">The company added that Ola’s electric scooter has already won several prestigious design and innovation awards around the world including the Marketing Innovation award at CES and the German Design Award. Ola had also recently hired General Motors’ veteran Jose Pinheiro to head the global manufacturing and operations for its electric business.</p>
<p>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.</p>.<p>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.</p>.<p>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.</p>.<p>The announcement by Ola about the facility to manufacture electric two-wheelers comes months after the company acquired Amsterdam-based Etergo BV, which has built a scooter that uses a swappable, high energy battery that delivers a range of up to 240 km.</p>.<p>Ola had also announced that it had plans to launch electric scooters made in Europe in the Indian market in the first half of 2021. The new factory will come up in Hosur at an investment of Rs 2,354 crore, while bringing employment opportunities for about 2,182 persons initially, a senior government official said.</p>.<p>The official said the investment by Ola is a major boost to the Tamil Nadu government’s initiative to emerge as a hub for electric vehicle manufacturers and recalled the state’s exclusive electric vehicle policy released last year that offers incentives to manufacturers.</p>.<p>The state’s capital Chennai is already known as India’s Detroit for it houses factories of some of the top automobile manufacturers in the world.</p>.<p>In a statement, Ola said the factory, upon completion, will create almost 10,000 jobs. The new factory will not just cater to the domestic market but also to international markets like Europe, Asia, and Latin America.</p>.<p>Hosur is an industrial town in Tamil Nadu located very close to Bengaluru housing several companies and manufacturing units of business conglomerates, including TVS Motor Company.</p>.<p>Bhavish Aggarwal, Chairman and Group CEO, Ola, said the world’s largest scooter factory is a significant milestone for Ola and a proud moment for India.</p>.<p>“This will be one of the most advanced manufacturing facilities in the world. This factory will showcase India’s skill and talent to produce world-class products that will cater to global markets,” he said in the statement.</p>.<p align="left">The company added that Ola’s electric scooter has already won several prestigious design and innovation awards around the world including the Marketing Innovation award at CES and the German Design Award. Ola had also recently hired General Motors’ veteran Jose Pinheiro to head the global manufacturing and operations for its electric business.</p>
