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ICICI Securities Report
We attended the investor meet organised by Ola Electric at its ‘Future factory’ in Krishnagiri, Tamil Nadu. Following are the key takeaways:
being built on a total area of 500 acres, this facility will eventually have annual manufacturing capacity of 10 million two-wheelers, one million passenger vehicles and 100 GWh of battery cells,
will start with 20 GWh initial cell capacity with 60% localisation to cater to near-term needs as against being fully dependent on LG Chem Power for battery cells currently,
will launch a mass market e-scooter later this year followed by a premium e-bike in CY23 and mass market e-bike in CY24,
will spend $100 million on research and development activities involving 200 researchers, including the battery innovation centre, which is expected to be ready by CY22-end,
the plant is currently operating with daily capacity of 1500 units, employing ~2,000 women workers,
Ola will focus on the key drivers of design, technology and performance and will continue on its lean dealer-less distribution model.
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