Ola electric scooter

Ola to set up the world’s largest electric scooter factory in India; will cost Rs. 2400 crore

Ola on Monday announced that it will setup the world’s largest electric scooter factory in Tamil Nadu, India. The factory will have a capacity of 2 million units annually.

“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,” said Bhavish Aggarwal, Chairman and Group CEO, Ola, said in a statement.

In order to build a factory, it will invest around Rs. 2400 crore. It helps create around 10,000 jobs and will produce two-wheeler products including an electric scooter. The manufactured products will also be shipped to Europe, Asia, and other Latin American markets.

The company will also launch its two wheeler electric vehicles in New Zealand. It would help New Zealand’s goal be become a carbon-neutral country by 2025.

Competition for Ola

In the two-wheelers segment, Ola will face a stiff challenge from already established players such as TVS Motors, Eicher Motors, and Bajaj Auto. These old players have decades of experience in two-wheeler segments.

Ola is one of the most successful unicorns in India. It was launched by Bhavesh Agarwal and Ankit Bhati in 2010. Currently, it is valued at over $6 billion. Last year it raised $250 million from Japanese SoftBank.

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