Ola Electric has announced that its entire line of mass-market scooters has met the 50% minimum localization norms, making the company eligible for the Production Linked Incentive (PLI) scheme. Specifically, the Ola S1 X 2 kWh model has received PLI certification from the Automotive Research Association of India (ARAI).
Key Highlights:
- The PLI incentives for Ola Electric range between 13-18% of the determined sales value of the product.
- With the certification, Ola now has a total of five scooters that have received PLI certification, showcasing the company’s commitment to promoting electric vehicles (EV) manufacturing in India.
- The achievement of 50% localization is a significant milestone, indicating that a large portion of Ola’s production components are sourced domestically.
- The S1 X 2 kWh model, being one of the cost-effective options in Ola’s lineup, is set to benefit significantly from the PLI scheme.
Ola Electric’s efforts to localize its production and achieve PLI certification align with the broader push for domestic manufacturing in the EV sector, helping to drive growth and sustainability in the electric scooter market.
As of 12:36 pm the shares of Ola Electric Mobility were trading 1.58% lower at ₹101.85 on NSE.
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