Now Ola has four models which have received the PLI Certificate
Ola Electric recently became a listed company, in August 2024 and it received a PLI (Production-Linked Incentive) certification from Automotive Research Association of India (ARAI) for two variants of the Ola S1 X, the 3 kWh and the 4 kWh models. Both models meet the criteria of 50 per cent localisation, as mandated by the Ministry of Heavy Industries (MHI). Now Ola Electric has the certification for compliance (PLI certificate) for four of its models - Ola S1 Air, S1 Pro and the two variants of the S1 X.
Ola Electric Mobility Limited spokesperson said, "S1 X 3 kWh and S1 X 4 kWh together contribute to almost half of our revenues, and with the PLI now in place, we will be able to further improve our bottom line. Receiving the PLI certification for the premium and mass-market products affirms our vertically integrated manufacturing strength marking a significant achievement in advancing India's EV vision. The government's ambitious Auto PLI Scheme is poised to enhance local supply chains, foster domestic manufacturing, and assist companies in achieving economies of scale."
Under the PLI scheme, Ola Electric is eligible for incentives for up to five consecutive financial years, commencing from Fiscal 2024. The incentive would range between 13 per cent and 18 per cent of the 'determined sales value' (DSV) of the products.
Ola Electric was also awarded 20GWh capacity by the government under its PLI scheme for Advanced Chemistry Cell (ACC) Battery storage in March 2022. The company is eligible to receive incentives under the Cell PLI scheme over a five-year period from the date of commissioning of the Ola Gigafactory in Krishnagiri, Tamil Nadu.