Ola Electric is now the only two-wheeler and pure-play EV manufacturer to secure PLI compliance certification for four products: S1 Air, S1 Pro, and S1 X (both 3 kWh and 4 kWh models). The company had previously received PLI certification for the S1 Air at the Auto PLI Conclave held in January 2024.
A spokesperson for Ola Electric Mobility Limited highlighted the importance of this achievement: "S1 X 3 kWh and S1 X 4 kWh together contribute to almost half of our revenues, and with the PLI now in place, we will be able to further improve our bottom line. Receiving the PLI certification for the premium and mass-market products affirms our vertically integrated manufacturing strength marking a significant achievement in advancing India's EV vision. The government's ambitious Auto PLI Scheme is poised to enhance local supply chains, foster domestic manufacturing, and assist companies in achieving economies of scale."
Other achievements
The Automotive Research Association of India (ARAI) granted the certification following comprehensive testing and verification of component localisation. Under the PLI scheme, Ola Electric stands to receive incentives for up to five consecutive financial years starting from Fiscal 2024, with incentives ranging from 13% to 18% of the "determined sales value" (DSV) of the compliant products.
In addition to this recent achievement, Ola Electric was awarded a 20GWh capacity allocation under the PLI scheme for Advanced Chemistry Cell (ACC) Battery storage in March 2022. The company will receive incentives under the Cell PLI scheme for five years, commencing from the commissioning date of the Ola Gigafactory in Krishnagiri, Tamil Nadu.
These milestones reflect Ola Electric's growing influence and capability within the EV market, reinforcing its commitment to enhancing local supply chains and fostering domestic manufacturing capabilities. The government's PLI scheme aims to bolster this progress, ensuring sustained growth and development in India's burgeoning EV sector.
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