Ola Electric to set up vehicle design & engineering centre in UK, to invest $ 100 m in 5 years

Ola Electric has announced that it will set up Ola Futurefoundry, a global centre for advanced engineering and vehicle design, in Coventry, the UK. The company will invest over $100M in the next 5 years.

Ola Electric Car

Ola Electric on Thursday announced setting up of Ola Futurefoundry, a global centre for advanced engineering and vehicle design, in Coventry, the UK. The company will invest over $100 million in the next five years in the state-of-the-art centre and staff it with over 200 designers and automotive engineers.

The centre will also partner with world-class education and research institutions in the UK to collaborate on technology research and development.

Ola Futurefoundry will work in sync with the design and engineering teams based at the Ola campus in Bengaluru. It will house global talent across multiple disciplines of two-wheeler and four-wheeler vehicle design, advanced high-performance automotive engineering, digital & physical modelling and more. It will also house talent that will focus on vehicle R&D around new energy systems, including cell technologies.

Bhavish Aggarwal, Ola founder & CEO, said: “Ola Futurefoundry will enable us to tap into the fantastic automotive design & engineering talent in the UK to create the next generation of EVs. Futurefoundry will work in close collaboration with our headquarters in Bengaluru to help us build the future of mobility as we make EVs affordable across the world.”

Kicking up interest, Aggarwal had on Tuesday tweeted an image hinting at the launch of the company’s electric car.

Ola Electric recently said it has raised over $200 million from Tekne Private Ventures, Alpine Opportunity Fund, Edelweiss and others. The latest fundraising round saw the company’s valuation going up to $5 billion.

Ola Electric has already built what it calls the world’s largest electric two-wheeler manufacturing facility, in Tamil Nadu’s Krishnagiri district, committing an investment of Rs 2,400 crore.

“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. We are setting up in Coventry, a global epicentre of automotive and technology talent. Futurefoundry will supplement and collaborate with our core team in Bengaluru to deliver exciting new EVs across two-wheeler, four-wheeler and other form factors,” Wayne Burgess, vice-president of vehicle design, Ola Electric, said.

Ola Electric launched its maiden e-scooter on August 15, 2021, in two variants while keeping the entry-level (S1) model attractively below Rs 1 lakh (Rs 99,999) and the more powerful one (S1 Pro) at Rs 1,29,000.

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