Ola Electric, India’s leading electric vehicle (EV) manufacturer, has achieved a significant milestone by becoming the first two-wheeler EV maker in the country to qualify for incentives under the Production Linked Incentive (PLI) Scheme for Automotive and Auto Components. The company has been granted a total incentive of ₹73.7 crore for its determined sales value in the financial year 2023-24.
PLI-Auto Scheme: Boosting Domestic Manufacturing
The PLI-Auto Scheme, launched by the Government of India in September 2021, aims to enhance domestic manufacturing in the automotive sector and promote the adoption of advanced, clean, and sustainable mobility solutions. With a budgetary outlay of ₹25,938 crore over five years, the scheme focuses on reducing import dependency and positioning India as a key player in the global EV supply chain.
Ola Electric’s eligibility for the incentive underscores its leadership in India’s EV revolution and its commitment to developing a robust local manufacturing ecosystem. The company’s flagship Ola S1 range of electric scooters has gained widespread adoption, contributing to its market leadership with a 28% share in the electric two-wheeler segment.
Commitment to Innovation and Sustainability
Ola Electric has made significant investments in research and development, battery innovation, and large-scale manufacturing. Its state-of-the-art Ola Futurefactory, one of the world’s largest two-wheeler EV production facilities, exemplifies the company’s dedication to innovation and sustainability.
The ₹73.7 crore incentive will further bolster Ola Electric’s efforts to expand its operations and drive innovation in the EV sector. The company’s success under the PLI-Auto Scheme sets a precedent for other manufacturers looking to leverage government initiatives to foster sustainable growth.
A Step Towards India’s EV Goals
The PLI-Auto Scheme is a crucial component of India’s strategy to accelerate EV adoption and infrastructure development. Ola Electric’s milestone achievement highlights the potential of government-industry collaboration in shaping the future of mobility in the country.
As India continues to push for greater EV adoption, Ola Electric’s leadership and commitment to sustainability position it as a key player in the nation’s transition to clean and green transportation.
