“The PLI certification is a testament to our vertically integrated manufacturing capabilities and a significant milestone in our quest to accelerate India’s journey towards clean mobility,” an Ola Electric spokesperson said.
Under the scheme, Ola Electric is eligible for incentives for up to five consecutive financial years, commencing in FY24. The incentive would range between 13% and 18% of the determined sales value.
Ola Electric has also been awarded 20-gigawatt-hour capacity by the Union government under its PLI scheme for advanced chemistry cell battery storage in March 2022. It will be eligible to receive incentives under the scheme over a five-year period from the date of commissioning of the Ola Gigafactory in Tamil Nadu.