Bengaluru- Ola Electric Mobility Limited., an electric vehicle manufacturer, has receive incentives under the Production Linked Incentive (PLI) Scheme for Automotive and Auto Components (PLI-Auto Scheme). The company has been granted ₹73.74 crore for its FY 2023-24 Determined Sales Value, according to a stock exchange filing.
The PLI-Auto Scheme, launched by the Government of India in September 2021, aims to boost domestic manufacturing in the automotive sector while promoting clean and sustainable mobility solutions. With a budget allocation of ₹25,938 crore over five years, the scheme focuses on advancing electric vehicles (EVs), hydrogen fuel cell vehicles, and other emerging automotive technologies, reducing reliance on imports, and positioning India as a key global EV hub.
Ola Electric, which entered the EV market in August 2021, has rapidly expanded with its flagship Ola S1 electric scooters, investing in R&D, battery innovation, and large-scale production. The company operates the Ola Futurefactory, one of the world’s largest two-wheeler EV manufacturing facilities, and currently leads the Indian electric two-wheeler market with a 28% share.
The company’s success under the PLI-Auto Scheme highlights its leadership in India’s EV revolution and sets a precedent for other manufacturers looking to leverage government initiatives to drive innovation and sustainable growth. As India continues its push for greater EV adoption and infrastructure development, Ola Electric’s milestone reinforces its pivotal role in shaping the country’s future of mobility.
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