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Ola Electric – an Indian mobility manufacturing company started in 2017 by Bhavish Aggarwal, has become the first electric two-wheeler manufacturer in India to receive an incentive of Rs 73. 7 cr under the government’s Production Linked Incentive (PLI) Scheme for Automotive and Auto Components (PLI-Auto Scheme).
Boosting Domestic EV Manufacturing
The PLI-Auto Scheme, launched in September 2021, aims to promote local manufacturing, encourage the adoption of clean and sustainable mobility solutions, and reduce dependence on imports. By supporting homegrown EV players, the initiative seeks to position India as a major hub in the global electric vehicle supply chain.
Strengthening Ola Electric’s Market Presence
Receiving the PLI incentive is expected to further strengthen Ola Electric’s position in India’s rapidly growing EV market. The company, known for its Ola S1 series of electric scooters, is already among the leading EV manufacturers in the country.
In addition to vehicle production, Ola Electric has made significant investments in R&D, battery technology, and large-scale manufacturing. Its Ola Futurefactory, one of the largest two-wheeler EV production facilities in the world, stands as a testament to its commitment to innovation and sustainable mobility.
This milestone underscores the government’s push for EV adoption while reinforcing Ola Electric’s leadership in the industry.
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