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Ola Electric has achieved a significant milestone by becoming the first two-wheeler automotive electric vehicle manufacturer in India to receive incentives under the Production Linked Incentive scheme for Automotive and Auto Component (PLI-Auto Scheme).
According to the stock exchange filing, the company has been granted a total incentive of Rs 73.74 crore for the Determined Sales Value of FY 2023-24 under the scheme.
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“We wish to inform you that, Ola Electric Technologies Private Limited, a wholly-owned subsidiary of Ola Electric Mobility Limited, has received a sanction order dated March 5, 2025, from the Government of India, Ministry of Heavy Industries,” the firm said in the filing.
It further said that Rs 73.74 crore has been sanctioned towards the incentive for the Determined Sales Value of FY2023-24.
The incentive is based on sales for the financial year 2023-2024. Ola Electric, with its flagship Ola S1 range of electric scooters gaining widespread adoption across the country, has been at the forefront of India’s EV transformation.
It has made significant investments in R&D, battery innovation, and large-scale manufacturing, including the Ola Future Factory, one of the world’s largest two-wheeler EV production facilities.
The company is currently the market leader in the electric two-wheeler segment with a 28% share.
The PLI-Auto Scheme was launched in September 2021 and aims to boost domestic manufacturing in the automotive sector and promote the adoption of advanced, clean, and sustainable mobility solutions.
With a budget outlay of Rs 25,938 crore over five years, the scheme is targeted towards reducing dependency on imports and positioning the country as a key player in the global EV supply chain.
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