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Ola Electric all set to manufacture EV battery cells under PLI scheme: All Details

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Ola Electric announced that it has now signed an agreement with the ministry of heavy industries for local manufacturing of advanced battery cells for electric vehicles under the government’s production-linked-incentive (PLI) scheme.

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Representational image

The ministry had earlier announced its four successful bidders in March 2022 – Rajesh Exports, Hyundai Global Motors Company, Ole Electric Mobility and Reliance New Energy to be eligible for the benefits under the PLI scheme for Advanced Chemistry Cell(ACC) battery storage. The total allotment was made for 50GWh of battery capacity. The successful bidding companies will receive incentives under the Rs 18,100 crore PLI scheme to boost EV battery cell production.

Ola CEO and Founder, Bhavish Aggarwal

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Ola CEO and Founder, Bhavish Aggarwal

Ola Electric Mobility plans to begin mass production of lithium-ion cells by 2023, as per an official statement. The company had also announced an investment of USD 500 million (Rs 4,000 crore approximately) intended towards setting up a cell research and development plant in Bengaluru. Ola CEO, Bhavish Aggarwal further said, “The ACC PLI scheme will be instrumental in making India self-reliant and localising the most critical aspect of the electric vehicle value chain.”

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