Ola Electric Announces Domestic Production of Lithium-Ion Battery Cells

Ola Electric has announced that they have succeeded in making a Li-ion cell indigenously. An important development that will support the Indian EV industry as India doesn’t have much organization in the manufacture of batteries for electric vehicles. Bhavish Aggarwal, the CEO of Ola Electric, revealed the creation of the lithium-ion cell’s success on Twitter on Monday.

As per Ola Electric, the current development can assist India in lessening its reliance on other nations, particularly China, for the import of EV batteries (Lithium-Ion Batteries).

Monday begins with a milestone moment 😎 https://t.co/l1eaTZbgsl

Ola Electric Plans 50 Gwh India Battery Plant in EV Push

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— Ola Electric (@OlaElectric) July 11, 2022

Ola and a select group of companies, including Hyundai and Mukesh Ambani’s Reliance Industries, received a $2.4 billion “National Programme on Advanced Chemistry Cell (ACC) Battery Storage” under the PLI scheme of the government of India. To achieve a 50 GWh ACC production capacity, the government will offer incentives in compliance with this strategy over five years.

The companies are anticipated to establish production facilities in India, carry out research and development, and assist in generating demand for battery storage in the nation. All of India’s ACC need is now being satisfied by imports, primarily from China.

Depending on the range and performance, batteries make up a significant portion of an EV’s price. The recent sustained rise in battery prices globally raises concerns about how this may affect domestic EV industry demand.

Currently, the nation has 12 lakh electric automobiles. The figure is anticipated to reach 40 lakh by year’s end and three crores in two years. India would require between 3,400 and 4,100 GWh of lithium-ion batteries by 2035. India continues to rely largely on the global market for electric vehicles parts, particularly battery cells. Most of it comes from China, which began researching battery technology in 2001.