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Ola Electric’s S1 X 2 KWh Scooter Secures PLI Certification For Local Manufacturing
Ola Electric Mobility Limited has recently made headlines by securing the Certification for Compliance under the Production Linked Incentive (PLI) Scheme for their latest addition, the S1 X 2kWh scooter.
This achievement marks the scooter as the company's fifth product to meet the eligibility requirements set forth by the Ministry of Heavy Industries. The certification underscores Ola Electric's commitment to bolstering India's electric vehicle (EV) ecosystem and highlights the company's prowess in adhering to the stringent localisation criteria of at least 50%.
The spokesperson from Ola Electric Mobility Limited commented on the milestone, stating, "S1 X 2 kWh is the fifth product in our portfolio to receive the PLI Certification. Receiving the PLI certification for our third mass-market product affirms our vertically integrated manufacturing strength marking a significant achievement in advancing India's EV vision.
The government's ambitious Auto PLI Scheme has been a game changer that has also pushed manufacturers to enhance local supply chains, foster domestic manufacturing, and assist companies in achieving economies of scale." This certification not only spotlights Ola Electric's innovative capabilities but also aligns with the government's vision to promote sustainable and locally manufactured electric vehicles.
The Automotive Research Association of India (ARAI) awarded the certification after a comprehensive evaluation, which included product testing and verifying the percentage of localized components. Ola Electric's adherence to these requirements qualifies them for incentives that range from 13% to 18% of the "determined sales value" (DSV) of the products for up to five consecutive financial years, starting from Fiscal 2024.
Previously, Ola Electric received PLI certificates for four other products, namely the S1 Pro, S1 Air, S1 X 3kWh, and S1 X 4kWh, demonstrating the company's ongoing commitment to innovation and sustainability in the EV sector.
In addition to the PLI certifications for its scooters, Ola Electric was also granted 20GWh capacity under the government's PLI scheme for Advanced Chemistry Cell (ACC) Battery storage in March 2022. This move positions Ola Electric to benefit from incentives over a five-year period following the operational start of their Ola Gigafactory located in Krishnagiri, Tamil Nadu.
The recognition and support from the government's PLI schemes for both their electric scooters and battery storage capabilities underscore Ola Electric's significant role in India's transition towards a greener automotive sector.
By achieving these certifications, Ola Electric reinforces its position in the market, demonstrating its capacity to meet the government's stringent criteria for local production and contribute to the development of domestic supply chains.
The company's success in obtaining PLI certificates for its entire line of mass-market scooters, including the S1 X 2kWh, signifies a pivotal advancement in India's electric vehicle ambition, promoting increased local manufacturing and supporting the country's journey towards achieving economies of scale in the EV industry.
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