Ola Electric to charge up capacity to 4 mn

Company may roll out its e-cars from 2024

- SURAJEET DAS GUPTA

Ola Electric has finalised its second phase of expansion, under which it will increase its plant capacity fourfold from 1 million two-wheelers per annum to 4 million. This will also include motorcycles, said a top executive of the company. It will also build a plant with a 5 Gwh of advanced chemistry cell battery storage capacity in the same super factory located on the outskirts of Bengaluru. That apart, it is planning to set up the initial phase of its passenger car manufacturing capacity, from where cars are expected to roll out in 2024.

While the details of the investment are being worked out, it will likely come from a combination of internal accruals, project financing, debt and the raising of some equity.