The Ola S1 Pro (Gen2) two-wheeler, which hit the roads in September 2023, is now eligible for incentives under the PLI scheme starting from the certificate issuance date, as stated by a senior official from Ola Electric.
The International Centre for Automotive Technology bestowed the PLI-Automotive Certificate upon Electric Technologies on Monday as part of the production-linked incentive (PLI) scheme. According to ICAT, Ola Electric’s Battery Electric Vehicle – 2W (S1 Pro Gen2) has fulfilled the minimum DVA (domestic value addition) requirement of 50%, earning them the Automotive PLI certificate. This achievement showcases their dedication to localizing advanced automotive technology products.
The S1 Pro (Gen2) two-wheeler, which hit the roads in September 2023, is now eligible for incentives under the PLI scheme starting from the certificate issuance date, as confirmed by a senior Electric official. “Having completed the due diligence process, it is now eligible for a Production Linked Incentive (PLI) granted by the Ministry of Heavy Industries,” stated The International Centre for Automotive Technology Director Saurabh Dalela to PTI. Located in Manesar, It is a division of the National Automotive Board (NAB) under the Ministry of Heavy Industries.
This PLI scheme, introduced by the government to promote domestic manufacturing in the electric vehicle sector, offers incentives of up to 10% on incremental sales of eligible vehicles over a period of five years.
According to Electric, the S1 Pro (Gen2) is a high-performance electric scooter with an impressive range of 181 km on a single charge. It also boasts features like fast-charging capabilities, connected technology and cloud connectivity, making it one of the most advanced two-wheelers in its segment.
Also Read: Volvo to continue its commitment to electric vehicles in India.
ICAT and ARAI, prominent testing agencies in India, play vital roles. When questioned about the funding earmarked for Electric in the PLI scheme for automobiles and auto components, Hanif Qureshi, Additional Secretary in the Ministry of Heavy Industries, explained, “The disbursement is contingent upon sales volumes, capped at 25% of the scheme allocation, which amounts to Rs 25,938 crore.”
Under the PLI scheme for Automobiles and Auto Components, incentive claims are distributed annually. Companies receiving certificates in 2023-24 can claim payout incentives in 2024-25. The scheme aims to make India a global hub for manufacturing automotive components and vehicles, as well as promoting the development of electric mobility.
The Indian government has launched the Production Linked Incentive (PLI) scheme for Automobiles and Auto Components with an aim to boost domestic manufacturing and promote self-reliant India in the automobile industry. This scheme provides incentives to companies that manufacture automobiles and their components in India, encouraging them to increase their production capabilities and scale up their operations.