Ola Electric has received an incentive of Rs 73.74 crore
Ola Electric, one of the electric vehicle manufacturers in the country, has received incentives under the Production Linked Incentive (PLI) scheme for Automotive and Auto Components. With this, the company has become the first electric two-wheeler manufacturer to receive the benefit under the scheme. Specifically, the manufacturer has been granted a total incentive of Rs 73.74 crore for the Determined Sales Value of FY 2023-24 under the scheme, as mentioned in a stock exchange filing.
"The payment of Rs. 73,74,36,612/- (Rupees Seventy-Three Crores Seventy-Four Lakhs Thirty-Six Thousand Six Hundred and Twelve only) has been sanctioned towards the incentive for the Determined Sales Value of FY 2023-24, as per existing terms and conditions of the PLIAuto Scheme, as amended from time to time," the stock exchange filing reads.
Also Read: Ultraviolette To Launch 10 More Electric Scooters, Motorcycles In India: Details Here
The PLI-Auto Scheme, introduced by the Government of India, intends to enhance domestic production in the automotive industry and encourage the use of advanced, clean, and sustainable mobility solutions. Launched in September 2021 with a budget of Rs 25,938 crore over five years, the initiative aims to decrease reliance on imports and establish the country in the global EV supply chain.
It is worth mentioning that the PLI-Auto Scheme focuses especially on green energy vehicles along with other advanced automotive technologies. To be eligible, the Original Equipment Manufacturer (OEMs) and Component Manufacturers, including non-automotive companies entering the automotive sector, should pass minimum eligibility criteria, which include minimum investment thresholds, determined sales values, and domestic value addition requirements.
The program uses a tiered framework that provides increased advantages to manufacturers who are dedicated to higher levels of investment and localization. It is worth mentioning that the PLI-Auto scheme has already drawn considerable investments from both established automotive companies and emerging players in the electric mobility sector.
"The payment of Rs. 73,74,36,612/- (Rupees Seventy-Three Crores Seventy-Four Lakhs Thirty-Six Thousand Six Hundred and Twelve only) has been sanctioned towards the incentive for the Determined Sales Value of FY 2023-24, as per existing terms and conditions of the PLIAuto Scheme, as amended from time to time," the stock exchange filing reads.
Also Read: Ultraviolette To Launch 10 More Electric Scooters, Motorcycles In India: Details Here
The PLI-Auto Scheme, introduced by the Government of India, intends to enhance domestic production in the automotive industry and encourage the use of advanced, clean, and sustainable mobility solutions. Launched in September 2021 with a budget of Rs 25,938 crore over five years, the initiative aims to decrease reliance on imports and establish the country in the global EV supply chain.
It is worth mentioning that the PLI-Auto Scheme focuses especially on green energy vehicles along with other advanced automotive technologies. To be eligible, the Original Equipment Manufacturer (OEMs) and Component Manufacturers, including non-automotive companies entering the automotive sector, should pass minimum eligibility criteria, which include minimum investment thresholds, determined sales values, and domestic value addition requirements.
The program uses a tiered framework that provides increased advantages to manufacturers who are dedicated to higher levels of investment and localization. It is worth mentioning that the PLI-Auto scheme has already drawn considerable investments from both established automotive companies and emerging players in the electric mobility sector.
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