Ola to transform Tamil Nadu into world's leading EV hub; huge investment worth Rs 7614 crore for the state

CHENNAI: The Tamil Nadu government has signed an MoU with Ola Electric Mobility for the production of four-wheeler electric vehicles and the establishment of 20 GW battery manufacturing capacity at an investment of Rs 7,614 crore.

These activities will provide employment to as many as 3,111 people, according to the official statement.

The Tamil Nadu government on February 14 unveiled its electric vehicle (EV) policy 2023 which aims to garner investments to the tune of Rs 50,000 crore and generate 1.50 lakh jobs, in a boost to the EV industry. On Tuesday, Chief Minister M K Stalin formally released the new policy in the presence of government officials at the Secretariat in Chennai.

"To support this goal, Tamil Nadu aims to electrify the vehicular fleets operating in the State by leveraging its vibrant automotive ecosystem comprising original equipment manufacturers, auto component ancillaries, highly skilled workforce and robust research and development capabilities," the policy document said.

"Tamil Nadu has a vision of attracting Rs 50,000 crore worth of investments in EV manufacturing, creation of 1.5 lakh new jobs, and development of a robust EV ecosystem in the State," the document stated.

It also mentioned that the government would encourage the adoption of electric vehicles in the state with 100 percent road tax exemption among others.

During the last five years, the state has transformed into a leading EV manufacturing hub with new entrants including Ather Electric and Ola Electric having set up their production facilities.