New Delhi, May 18 -- Ola Electric Mobility Ltd was betting on its gigafactory to shun dependence on Chinese cells for its batteries. But the company's capacity expansion is already behind schedule, exposing it to risks of higher costs, loss of government incentives and even technology going obsolete.

Ola Cell Technologies Private Ltd (OCT), a wholly owned subsidiary of Ola Electric Ltd, began constructing its gigafactory in May 2023 in four phases to produce lithium-ion cells for electric vehicle batteries.

Of the Rs.5,500 crore the company raised by issuing fresh shares in August 2024, it had set aside Rs.1,227 crore to expand the capacity of its facility to 6.4 GWh in the second phase by April 2025.

However, it has not utilised any m...