Ola Electric sets up R&D centre in UK with plans to invest $100 million
, the electric vehicle arm of Ola Cabs' parent ANI Technologies, has announced setting up an engineering and design centre in Coventry, United Kingdom to create the next generation vehicles. Over the next five years, the company expects to invest over $100 million in the facility.
Calling the centre “futurefoundry", Ola Electric said it will hire talent across two and four-wheeler vehicle design which include advanced high-performance automotive engineering, digital and physical modelling, and more. Besides, the R&D centre will focus on new energy systems including cell technologies.
Bhavish Aggarwal, CEO and founder - Ola
Bhavish Aggarwal, Founder & CEO, Ola said, “At Ola we are building the future of mobility and continue to attract the best global talent across disciplines. Ola Futurefoundry will enable us to tap into the fantastic automotive design & engineering talent in the UK to create the next generation of electric vehicles.”
“Futurefoundry will work in close collaboration with our headquarters in Bangalore, India to help us build the future of mobility as we make EVs affordable across the world," he said.
Ola Electric plans to have over 200 designers and automotive engineers at this R&D centre besides it will also partner with education and research institutions in the UK.
Wayne Burgess, Vice President of Vehicle Design, Ola Electric, said, “We want to create a world-class design and R&D team with global sensibilities. Ola Futurefoundry is an important step in building a multi-disciplinary team that is agile, flexible, and responsive to the various needs of our consumers around the world.”
He noted that this R&D centre will help Ola Electric deliver new EVs across two, four and other form factors.
Ola Electric has shaken up the EV market in India with the launch of its two-wheeler model in the shorter time period and the founder Bhavish Aggarwal also provided a hint of getting into the four-wheeler segment.
Ola Electric recently raised $200 million at a valuation of $5 billion from investors such as Tekne Private Ventures, Alpine Opportunity Fund, Edelweiss and others.