The 3 kWh (kilowatt hour) and 4 kWh versions of Ola S1X have received the certification for compliance with the eligibility requirement for the PLI scheme after having “successfully met the stringent minimum localisation criteria of 50% as mandated by the Ministry of Heavy Industries,” the firm said in a statement.
“These two products make almost 50% of our orders. More wind in our sails as we build India’s EV future!” Ola Electric founder Bhavish Aggarwal said in a post on microblogging platform X.
Earlier this year, the company had received the PLI certification for the Ola S1 Air and the Ola S1 Pro.
The incentive to Ola Electric will range between 13% and 18% of the determined sales value (DSV) of the scooters. The firm is eligible for benefits for five consecutive years starting FY24.
The PLI approval for Ola’s scooters comes months after the government’s flagship FAME II (Faster Adoption and Manufacturing of Electric Vehicles) subsidy for the EV industry expired in March. The subsidy was replaced by the leaner Electric Mobility Promotion Scheme (EMPS) from April 1.
On August 5, Union Heavy Industries Minister HD Kumaraswamy said preparation work is going on for the implementation of the new FAME 3 subsidy, and multiple ministries have sent in recommendations on how to implement the programme.
Ola Electric is also a beneficiary of the PLI scheme for advanced chemistry cell (ACC) battery storage for its cell manufacturing factory, which is called the Gigafactory.
On August 15, the firm launched its first range of electric motorcycles called the Roadster, with deliveries set to start in the final quarter of FY25. Ola Electric is also aiming to use its in-house cells in its products from the first quarter of FY26.
At 10:40 am, the scrip was trading 1.3% higher at INR 139.2 on BSE. The stock has also jumped 90% from its IPO issue price of INR 76.
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