In a strong move towards shaping the future of Electric Vehicles (EVs) in India, Ola Electric’s founder and CEO, Bhavish Aggarwal, revealed plans for the nation’s first large-scale gigafactory dedicated to rechargeable batteries. Speaking to ETNow, Aggarwal outlined the factory’s timeline, expressing hope for an early operational date next year.
The facility is projected to start with an initial 5 GWh capacity, later expanding to 100 GWh. This growth trajectory aims to position the factory as the largest battery manufacturing unit globally.
Currently, the dependence on imported batteries from Korea accounts for a significant portion of EV manufacturing costs, sometimes as high as 40%. The domestic production of Lithium-ion cells, a focus for Ola Electric over the past two years, seeks to address this cost factor and foster energy self-sufficiency.
The company’s forward-looking strategy extends to doubling sales of existing products within three years and breaking into international markets. Aggarwal’s views on the feasibility of electrifying motorbikes reflect his progressive vision for the industry.
This optimism is further bolstered by Ola Electric’s recent launch of the affordable S1X electric scooter at Rs 79,999, alongside the preview of four upcoming electric motorcycles slated for release by 2024.
Considering the economic advantages of EVs, Aggarwal remarked on their cost-effectiveness in comparison to traditional ICE vehicles. He cited the low running expenses of electric models as a significant benefit, potentially one-tenth the cost of a petrol vehicle.
The company’s endeavors align with broader environmental concerns. Aggarwal underlined the importance of innovative solutions like the gigafactory in achieving sustainability and climate goals, as India remains a critical player in global climate dynamics.
The project resonates with the nation’s aspirations for reducing manufacturing expenses, enhancing energy autonomy, and contributing to a more sustainable future. The strategy embodies a blend of technological advancement and environmental consciousness, echoing a modern approach to transportation and energy solutions.