Ola Electric signs PLI agreement for EV battery cell manufacturing in India
Ola Electric on Thursday signed a PLI (Production Linked Incentive) agreement with the Ministry of Heavy Industries (MHI) for indigenous EV battery cell manufacturing in India. Besides informing this, Ola Electric CEO Bhavish Aggarwal said that India would soon become self-reliant on EV battery cell technology as the technology will be built and manufactured locally.
The Ola Electric boss also said that the ride-hailing service provider turned electric scooter manufacturer company is now an even more vertically integrated mobility company across products, services and now core technologies. “Signed our PLI agreement with MHI for indigenous cell manufacturing. India will soon be self reliant on cell technology as we build tech & manufacture locally. We’re now an even more vertically integrated mobility company across products, services and now core technologies," he wrote in his tweet.
After getting success in the ride-hailing segment, Ola ventured into the electric vehicle manufacturing business through its wing Ola Electric. The first Ola Electric scooter, S1 and S1 Pro received a pretty good response. However, they ran into controversies as well. Ola's electric scooter caught fire and several other issues too were reported with the Ola S1 from across the country. Ola Electric has meanwhile teased its electric car, which would be the second EV from the brand. Ola aims to revolutionize the Indian electric car segment with its upcoming electric car, as the automaker has stated.
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Besides manufacturing vehicles, Ola Electric is also aiming to locally manufacture EV batteries. Indian Ev companies currently import battery cells from China. Ola aims to build the battery cells locally in India. The automaker already revealed its battery cell a few weeks back.