Ola Electric to Invest $208 Million in EV and Battery Expansion
India’s Ola Electric has announced plans to invest $208.5 million into its electric vehicle and battery cell businesses as it pushes to cut costs and move closer to profitability. The company aims to strengthen local manufacturing, increase automation, and expand in-house battery cell production while facing growing competition in the EV market.
The SoftBank-backed company has been working to reduce operating expenses through automation and workforce restructuring, alongside launching more affordable electric scooter and bike models. Ola said the planned investment will be completed by May 2027, with a major focus on expanding its battery cell manufacturing operations that began last year.
Ola Electric, once the dominant player in India’s e-scooter market, has recently lost market share to rivals including Bajaj Auto, TVS Motor, and Ather Energy. Despite the competition, the company reported strong revenues from both its EV and cell manufacturing units and continues to target long-term profitability through localized production and lower manufacturing costs.
Pic courtesy: google/ images are subject to copyright
