16 Aug, 2023: During a conversation with ETNow, Bhavish Aggarwal, the founder and CEO of Ola Electric, disclosed that India's inaugural large-scale gigafactory, intended for producing rechargeable batteries for electric vehicles (EVs), is scheduled to be operational by the following year.
"By early next year, we will actually make the gigafactory operational and start using our own Indian-manufactured cells and that is going to be a very important initiative to reduce cost further," said Aggarwal.
According to the CEO, the Gigafactory's initial production capability will amount to 5 GWh. Once fully operational, the facility's capacity will reach 100 GWh, positioning it as the largest battery manufacturing facility globally.
Addressing the cost aspect of electric vehicles (EVs), he discussed the present scenario in which batteries for Indian use must be brought in from Korea. The founder mentions that this imported component constitutes around thirty to forty percent of the overall manufacturing expenses for EVs. Additionally, he notes that his company has been dedicating its efforts over the last two and a half years to domestically producing Lithium-ion technology cells.
Over the upcoming three years, the CEO of Ola Electric has outlined the company's objective to achieve a twofold increase in the sales of its current offerings, as revealed during an interview with ETNow. Aggarwal expressed the company's aspiration to have its product embraced by every individual in India, along with a presence in international markets.
Aggarwal further emphasised that despite doubts surrounding the electrification of motorcycles, the company firmly believes that there are no valid reasons to hinder the electrification of motorbikes in the foreseeable future.
"Solving climate change and having a sustainable future is important. India is at the centre of climate change. If we are not changing, then it will be hard to achieve climate goals," said Aggarwal.
As the world embraces the urgency of combating climate change, this bold move by Ola Electric underscores their commitment to spearheading innovation in the realm of green transportation. With plans set in motion for the Gigafactory's launch next year, India is set to become a hub of electric mobility advancement, fostering economic growth while contributing to a cleaner environment.