Ola Electric plans 50Gwh India battery plant in EV push: Report

NEW DELHI :

Softbank Group-backed Ola Electric plans to build a battery cell manufacturing plant in India with a capacity of up to 50 gigawatt hours (GWh), a source told Reuters, as part of its broader electrification push.

Ola will need 40Gwh of battery capacity to meet its annual target to produce 10 million electric scooters and the remainder will be for electric cars, which it plans to manufacture in the future, said the person who has knowledge of the plans.

The initial plan is to set up 1Gwh of battery capacity by 2023 and expand it to 20GWh over the next 3-4 years, said another source aware of the plans, adding that this alone will need an investment of up to $1 billion.

Ola, which currently imports battery cells from South Korea, also plans to invest in companies with advanced cell and battery technology, and will set up a battery research and development facility in India, the sources said.

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