"Ola Electric's New Battery Cells Boast 5x More Energy; Commercial Production to Begin Early 2025"

Ola Electric's Gigafactory in Tamil Nadu is set to begin commercial production of battery cells for electric two-wheelers by early next year, according to company officials who visited Ahmedabad on Tuesday. The factory is currently in the trial production phase. These new indigenous battery cells are designed to hold five times the energy of their imported counterparts from South Korea, potentially reducing Ola's reliance on imports.

"Currently, about 35% of the components in our electric two-wheelers are imported, with the most significant being the cell, which we purchase from South Korea. The cell accounts for one-third of the vehicle's cost, making it the most expensive component. To reduce this import percentage, we're producing our own cells, which are not only larger but also carry five times the energy of the imported versions. This cutting-edge design and R&D will significantly lower our import dependency once these cells are used in our vehicles next year," said Bhavish Aggarwal, Chairman and Managing Director of Ola Electric Mobility Ltd, during a press conference discussing the company's ₹6,100 crore IPO.

Harish Abichandani, the Chief Financial Officer, added that the Ola Gigafactory in Krishnagiri district will likely commence commercial production by the end of this year or the beginning of next year. "We are currently in the trial production phase. Once commercial production starts, we will incorporate these cells into our new products, significantly reducing our import percentage," Abichandani said.

HBL