Saturday, April 20, 2024

Ola Electric 21 Pro Gets PLA Incentive For Second Time In A Row

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Ola Electric has achieved another significant milestone with its flagship product, the S1 Pro, receiving the prestigious Domestic Value Addition (DVA) certification under the Production Linked Incentive (PLI) Scheme for the automobile and auto component industry. The S1 Pro scooter has successfully met the stringent minimum localization criteria of 50%, as mandated by the Ministry of Heavy Industries.

With this, Ola Electric has become the only 2W and pure-play EV manufacturer to receive the DVA certification (PLI certificate) for one or more products. The company had earlier received the DVA certificate for S1 Air at the Auto PLI Conclave organised in January 2024.

Spokesperson, Ola Electric said, “Receiving the PLI certification for the second product 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.”

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The International Centre for Automotive Technology (ICAT) is one of the nodal testing agencies to grant the certification after thorough checks on the localisation standards of the components. Under the scheme, Ola Electric is eligible for incentives for up to five consecutive financial years, commencing from Fiscal 2024. The incentive would range between 13% and 18% of the “determined sales value” (DSV) of the products.

Ola Electric has also been 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.

Mohit Soni
Mohit Sonihttps://www.thrustzone.com/
NOT A Commander, Director, Editor-In-This/ That, CEO, MD, President, Entrepreneur, etc etc. Just a first employee at Thrust Zone with a team of enthusiasts who love car and motorcycles more than anything else in the world, just like I do. Hashtag blessed

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