According to foreign media reports, Indian electric vehicle company Ola Electric plans to build a lithium battery factory with an annual output of 50GWh in India. Among them, 40GWh of production capacity will meet its annual goal of producing 10 million electric scooters, and the remaining capacity will be used for future production of electric vehicles.

Founded in 2017, Ola Electric is the electric vehicle arm of Indian ride-hailing company Ola, with an investment from SoftBank Group.

India currently has many battery assembly plants, but no battery cell manufacturers, resulting in its lithium batteries must rely on imports. After the project is completed and put into production, India will have the ability to produce and supply lithium batteries on a large scale locally.

India imported $1.23 billion worth of lithium batteries in 2018-19, six times the amount in 2014-15.

In 2021, Green Evolve (Grevol), an Indian zero-emission vehicle technology organization, announced the launch of a new lithium-ion battery pack. At the same time, Grevol signed a battery purchase agreement with CATL, and will use CATL’s lithium batteries in its electric cargo tricycle (L5N).

At present, the Indian government is implementing an electric vehicle plan. The goal is to convert 100% of the country’s two-wheelers and three-wheelers to electric vehicles by 2030, while increasing the proportion of electric vehicle sales to 30%.

In order to achieve local manufacturing of lithium batteries to reduce import dependence and further reduce the cost of lithium battery procurement, the Indian government issued a proposal to provide 4.6 billion US dollars (about 31.4 billion yuan) to companies building battery factories in India by 2030. incentives.

At present, India is promoting the localization of lithium battery manufacturing in India through the introduction of technology or patent transfer and policy support.

In addition, lithium battery companies in China, Japan, South Korea, Europe and the United States, including LG Chem, Panasonic, Samsung SDI, Toshiba, itsEV of Japan, Octillion of the United States, XNRGI of the United States, Leclanché of Switzerland, Guoxuan Hi-Tech, and Phylion Power, have announced that they will build batteries in India. factories or set up joint venture factories with local companies.

The above-mentioned battery companies are the first to target the Indian electric two-wheeler/tricycle, consumer electronics and energy storage battery markets, and will further extend to the Indian electric vehicle battery market in the later stage.