Working on something very exciting! Announcement in the coming week!????????⚡ pic.twitter.com/JnOh2zTNxo
— Bhavish Aggarwal (@bhash) November 23, 2024
This follows Aggarwal’s earlier statements about Ola Electric’s ambitious plans for manufacturing lithium-ion cells domestically. Speaking to CNBC-TV18 in July, he revealed that the company is gearing up to integrate its indigenously developed cells into its electric vehicles (EVs) by early next year.
He suggested that integrating their own cells would make EVs more affordable. “So far, we have not even brought our own cells into the picture, which will be a core anchor to improve the cost of our EVs,” Aggarwal said.
“We have been investing in cells because we believe the future of EVs in India hinges on developing core technology domestically. We need to build the lithium cell in India for the electric industry,” he added.
Ola Electric’s Gigafactory, under the leadership of battery manufacturing veteran Hyun Shik Park, plays a crucial role in this initiative. Park, who previously spent over 36 years with South Korea’s LG, is overseeing mass production of cells at the facility.
Notably, Park received the highest compensation package in the company last fiscal year, underscoring the strategic importance of the Gigafactory.
First Published: Nov 23, 2024 10:23 PM IST
