Bhavish Aggarwal tweeted that Ola is very profitable and growing well and if any other companies want to come out of India welcome.
“Absolute nonsense. We are very profitable and growing well. If any other companies want to get out of India, welcome! is negotiating a merger.
Ola Electric on Thursday signed an agreement with the Ministry of Heavy Industries to locally manufacture advanced elements in India under the Production Related Incentive (PLI) scheme.
Ola Electric is the only Indian electric vehicle company selected by the government under its ambitious Rs 80,000 crores PLI scheme for cells, capturing a maximum capacity of 20 GWh in its March bid.
“Today, 90 percent of the world’s battery manufacturing capacity is located in China, and the key to overcoming this dependence on imports is locally produced battery technology.
The PLI scheme will help India become self-sufficient and localize the most important aspects of the EV value chain,” said Bhavish Aggarwal, according to the release.
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“At Ola, our cellular technology and manufacturing roadmap is actively evolving, making us a stronger vertically integrated mobile company in terms of products, mobile services and technology,” he added.
Ola recently introduced India’s first in-house developed lithium-ion cell, NMC 2170, and is investing heavily in core research and development to create its own advanced cell technologies.