NEW DELHI, Mar 6: Ola Electric, the leading electric vehicle manufacturer in India, has reached a remarkable achievement by becoming the first two-wheeler automotive electric vehicle (EV) producer in the country to obtain incentives under the Production Linked Incentive (PLI) Scheme for Automotive and Auto Components (PLI-Auto Scheme).
The firm has been allocated a total incentive of ₹73.74 crore based on the Determined Sales Value for FY 2023-24 as disclosed in a stock exchange report by the company.
The PLI-Auto Scheme, initiated by the Indian Government, aims to enhance domestic manufacturing within the automotive industry while encouraging the adoption of forward-thinking, clean, and sustainable mobility solutions.
Ola Electric’s qualification for this incentive highlights its leadership role in India’s EV revolution and its dedication to establishing a strong local manufacturing ecosystem.
“We wish to communicate that Ola Electric Technologies Private Limited, a fully owned subsidiary of Ola Electric Mobility Limited, has received a sanction order dated March 5, 2025, from the Ministry of Heavy Industries, Government of India,” stated the company in its filing.
The company further noted that “₹73.74 crore has been sanctioned as incentives for the Determined Sales Value of FY2023-24.”
The incentive is contingent upon sales for the financial year 2023-2024.
Launched in September 2021, the PLI-Auto Scheme aims at boosting local manufacturing in the automotive sector and promoting advanced, clean, and sustainable mobility solutions. With a budget allocation of ₹25,938 crore over five years, the scheme seeks to minimize import dependency and position India as a significant participant in the global EV supply chain.
Ola Electric has been at the forefront of the EV transformation in India, with its flagship Ola S1 electric scooters achieving substantial popularity nationwide. The company has also invested heavily in research and development, battery innovation, and large-scale manufacturing, including the Ola Futurefactory, which is among the world’s largest production facilities for two-wheeler EVs.
Currently, Ola Electric commands a 28 percent share in the electric two-wheeler market.
The PLI-Auto Scheme plays a critical role in India’s initiatives to enhance domestic manufacturing capabilities, decrease import reliance, and establish itself as a prominent player in the global EV supply chain.
Ola Electric’s achievements under this scheme serve as a benchmark for other manufacturers aiming to capitalize on government programs to foster innovation and sustainable growth within the EV sector.
As India strives for greater EV adoption and infrastructure improvements, Ola Electric’s milestone under the PLI-Auto Scheme underscores its essential role in shaping the nation’s future mobility landscape. (PTI)
