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Ola Electric becomes the first two-wheeler EV company to secure incentives under the Production Linked Incentive (PLI) Scheme for Automotive and Auto Components (PLI-Auto Scheme). In a recent stock exchange filing, the Bengaluru-based company said that it has received a sanction order of Rs 73.74 crore. This sum was authorised under the PLI-Auto Scheme for the calculated sales value of FY 2023–2024.
The incentive comes at a time when the business is making news for firing more than 1,000 contract workers and employees.
Nonetheless, this funding would assist Ola Electric in maintaining its goal of bringing electric transportation to India's mainstream.
Ola Electric expressed gratitude to the Ministry of Heavy Industries for the approval, according to media sources. According to the company, this incentive significantly strengthens its long-term plan. Statement from the company, “We are committed to accelerating the adoption of EVs in India and contributing to the government’s vision of a cleaner, more sustainable future,” said the company in its filing.”
The PLI-Auto Scheme launched in September 2021 with a goal to boost domestic manufacture in the automobile industry. The program encourages the use of electric, hydrogen fuel cell, and modern automotive technology vehicles with a five-year budget of Rs 25,938 crore.
The program helps India become less dependent on automobile imports while fostering innovation. This will boost the nation's electric vehicle sector. The success of Ola Electric under this effort demonstrates how quickly the market for electric vehicles in India is expanding. The sector has the potential to significantly alter the nation's transportation system with these advancements.
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