Monday
December 14
2020

Ola to Invest $327 Million to Set up ‘the World’s Largest Scooter Factory’ in Tamil Nadu

By Manish Singh

Ola  said on Monday that it has signed a memorandum of understanding with the government of Tamil Nadu in India to set up what it claims would be the “world’s largest scooter manufacturing facility” in the South Indian state as the Indian ride-hailing firm begins a new push with electric vehicles.

The SoftBank-backed Indian ride-hailing firm said it will invest about $327 million in setting up the factory, which it says would create almost 10,000 jobs and have an initial capacity to produce 2 million electric vehicles in a year.

Photo courtesy of Markus Spiske.

Source: TechCrunch (link opens in a new window)

Categories
Technology
Tags
electric vehicles, emerging markets, impact investing, technology, transportation