Ola Electric
Big govt boost for Ola Electric! Rs 367 cr PLI sanction clears path to profitability
Mumbai/IBNS: Ola Electric on Thursday said the Ministry of Heavy Industries has granted incentives worth Rs 367 crore under the Production Linked Incentive (PLI) scheme, media reports said.
The electric vehicle maker has secured Compliance Certification under the PLI scheme for the automobile and auto components sector for its Gen 3 scooter portfolio, according to a report by The Economic Times.
With the certification in place, Ola Electric becomes eligible for incentives ranging between 13% and 18% of the determined sales value of eligible products until 2028, the report said.
The certification was granted by the Automotive Research Association of India (ARAI)—an agency under the Ministry of Heavy Industries—and covers all models in the Ola S1 Gen 3 scooter range, the report added.
The certified models include S1 Pro 3kWh, S1 Pro 4kWh, S1 Pro+ 4kWh, S1 X 2kWh, S1 X 3kWh and S1 X+ 4kWh.
“Securing PLI certification for our Gen 3 scooters, which form the bulk of our sales, is a critical step towards profitability. This will directly strengthen our cost structure and margins, enabling us to deliver sustainable growth,” a company spokesperson said, as quoted by The Economic Times.
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