Ola Electric Logo
Courtesy: Ola Electric

Ola Electric to invest $100M to set up its R&D facility in UK

Ola Electric Mobility has announced to set up its ‘Ola Futurefoundry,’ a global center for advanced engineering and vehicle design, in Coventry, UK. The Ola Futurefoundry will join forces with the Ola Campus in Bengaluru’s design as well as engineering teams.

Ola Electric Logo
Courtesy: Ola Electric

The EV maker says it will invest around $100 million (~Rs 750 crore) in the center during the next five years and appoint more than 200 designers and automotive engineers. The center will also collaborate on technology research and development with research and education institutes in the United Kingdom. The center will accommodate global talent in a variety of fields, including two- and four-wheeler vehicle design, advanced high-performance automotive engineering, digital and physical modeling, and many others. It will also house talents focused on vehicle R&D centered on innovative energy systems, such as battery cell technologies.

“At Ola, we are building the future of mobility and continue to attract the best global talent across disciplines,” said Bhavish Aggarwal, founder, and CEO of Ola Electric. “Ola Futurefoundry will enable us to tap into the fantastic automotive design and engineering talent in the UK to create the next generation of electric vehicles. 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,” he added.

Ola Electric appointed Jaguar Land Rover design veteran Wayne Burgess to oversee its design efforts in London and Bengaluru last year. “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 epicenter 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,” Burgess said.

The ‘Ola Futurefoundry’ announcement comes just two days after the company shared the first official image of its electric concept car. The teaser image posted by the company’s CEO on Twitter illustrates an electric car that looks futuristic. To be more precise, the teased image of the Ola car appears to be a sci-fi movie pod. There were no door handles visible on the vehicle, and the exterior was covered by glass. While many Twitter users were thrilled about the upcoming electric car, many others criticized its aesthetics.

The Bengaluru-based EV maker on Monday announced a $200 million (~Rs 1,490.5 crore) funding from Tekne Private Ventures, Edelweiss, Alpine Opportunity Fund, and others, valuing Ola Electric at $5 billion. The proceeds will be used to facilitate Ola to ramp up its development of other vehicle platforms, including electric motorbikes, mass-market electric scooters, and teased electric cars. The funding would help Ola’s ‘Mission Electric,’ which pushes the industry and consumers to transition to electric vehicles and ensure that no petrol two-wheelers be sold in India after 2025.