The government of Tamil Nadu, India, said in a statement that Ola Electric, with the support of Soft Bank Group, will invest $920 million in the production of electric vehicles and batteries for them in the state in southern India.
The company is investing 76.14 billion rupees ($920 million) through its two companies, Ola Electric Technologies and Ola Cell Technologies, due to the growing demand for electric vehicles in India.
The company’s cumulative production figures for November exceeded 100,000 vehicles and the company plans to produce 140,000 vehicles annually and employ 3,111 workers in Tamil Nadu through new investment. Ola already makes electric scooters in the state.
In September, Ola said it was looking to enter Latin America, the Association of Southeast Asian Nations (ASEAN) and the European Union after initially entering Nepal.
Tamil Nadu, which accounts for nearly a third of the country’s car exports, is seeking to boost electric vehicle production and has eliminated road tax, registration fees and permit fees for electric vehicles, according to a policy unveiled this week.
