Ola Electric's S1 Air e-scooters.
Credit: Reuters File Photo
Bengaluru: Bengaluru-based electric two-wheeler (2W) maker, Ola Electric, announced on Friday that its S1 X 2kWh scooter has received certification to avail the benefits of Production Linked Incentive (PLI) scheme for automobiles and auto components.
Under this scheme, Ola Electric is eligible to receive incentives for up to five consecutive financial years (FY), starting from FY25. The incentives (in the form of government subsidy) range between 13 per cent and 18 per cent of the "determined sales value" (DSV) of the products.
The company had previously received PLI certification for the S1 Pro, S1 Air, S1 X 3kWh, and S1 X 4kWh models. “With S1 X 2kWh also getting the PLI certificate, the company's entire line of mass-market scooters has met the minimum localisation criteria of 50 per cent, as mandated by the Ministry of Heavy Industries," said the company in a statement.
Additionally, in March 2022, Ola Electric was awarded a 20 gigawatt hours capacity under the government's PLI scheme for Advanced Chemistry Cell (ACC) battery storage.
In the last fiscal year, Ola Electric sold close to 3,29,618 e-scooters, up from 1,56,251 units in FY23, capturing a 37 per cent market share in FY24.