With the S1 X 2kWh's certification, Ola Electric has ensured that all its mass-market scooters adhere to the stringent minimum localisation criteria of 50%. This milestone highlights the company's dedication to enhancing local manufacturing and meeting government standards.
Ola Electric's incentives by the GoI
Ola Electric is set to receive incentives for up to five consecutive financial years, starting from Fiscal 2024. These incentives will range between 13% and 18% of the "determined sales value" (DSV) of the products. The company's previous PLI certificates include the S1 Pro, S1 Air, S1 X 3kWh, and S1 X 4kWh.
In addition to scooter certifications, Ola Electric was awarded a 20GWh capacity under the PLI scheme for Advanced Chemistry Cell (ACC) Battery storage in March 2022. The incentives under the Cell PLI scheme will be available over five years from the commissioning date of the Ola Gigafactory in Krishnagiri, Tamil Nadu.
A spokesperson from Ola Electric Mobility Limited stated, “S1 X 2 kWh is the fifth product in our portfolio to receive the PLI Certification. Receiving the PLI certification for our third mass-market product affirms our vertically integrated manufacturing strength marking a significant achievement in advancing India's EV vision. The government's ambitious Auto PLI Scheme has been a game changer that has also pushed manufacturers to enhance local supply chains, foster domestic manufacturing, and assist companies in achieving economies of scale.”
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