7/14/22, 11:52 AM Bhavish Aggarwal: Ola in talks with multiple global suppliers for $1 bn cell manufacturing - The Economic

ufacturing - The Economic Times

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Business News › Industry › Auto › Auto Components › Ola in talks with multiple global suppliers for $1 bn cell manufacturing

Ola in talks with multiple global suppliers for $1

bn cell manufacturing
PTI Last Updated: Jun 07, 2022, 03:28 PM IST
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Synopsis

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Ola Electric needs 40 Gwh of battery capacity to power 10 million electric scooters

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annually. The remainder will be for its electric cars, which the company plans to
manufacture in the future. Sources said the cell battery plant may cost around USD 1

FD
billion (over Rs 7,700 crore) and may be built with an initial capacity of 1 Gwh, which will
be expanded in the future.

SoftBank Group-backed Ola Electric is

in talks with multiple global suppliers
to build a battery cell manufacturing interest
rate up
plant in India with a capacity of up to
50-gigawatt hours, sources said. As part
of its broader electrification push, the

to 7.75%
firm plans to invest in companies with
advanced cell and battery technology,
alongside the 50 Gwh battery plant.

Ola Electric needs 40 Gwh of battery capacity to power 10 million electric Bajaj Finance
scooters annually. The remainder will be for its electric cars, which the
company plans to manufacture in the future.

Sources said the cell battery plant may cost around USD 1 billion (over Rs
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7,700 crore) and may be built with an initial capacity of 1 Gwh, which will be
expanded in the future.
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7/14/22, 11:52 AM Bhavish Aggarwal: Ola in talks with multiple global suppliers for $1 bn cell manufacturing - The Economic Times

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Over 40 global suppliers are already in Bengaluru to meet with Ola founder
and CEO Bhavish Aggarwal at the company's headquarters and are also
visiting the Ola Futurefactory in Krishnagiri, Tamil Nadu this week, sources The only super subscription for
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aware of the matter said.
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Ola Electric, they said, has initiated talks with global suppliers from Germany, giant

Korea, Japan and other hubs to fuel its battery manufacturing ambitions.

2. Rupee settlement may bring
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It currently imports its battery cells from South Korea. in hard currency

Companies like Durr and Siemens NSE 0.12 % also seem to be on the list of
suppliers.
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The battery cell manufacturing sector is dominated by the likes of CATL, LG,
Energy Solutions, and Panasonic NSE 0.98 % , which supply to automakers 4. PM to launch SGX Nifty trade
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such as Tesla and Volkswagen.

Industry experts believe that one of the world's youngest EV companies is

5. Will ITR filing deadline for
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Aggarwal has already stated that India can soon replace China and emerge as
the global hub for electric vehicles (EVs).

Towards this end, Ola plans to develop the entire ecosystem -- cell and battery
tech, global supply chains, interconnected as well as autonomous vehicle
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