Ola Electric’s S1 X 2kWh gets PLI certification
The certification comes after the EV maker’s other mass-market scooter models, S1 X 3 kWh and 4 kWh received the certification for compliance in August.
Bhavish Aggarwal-led Ola Electric on Friday said that its most affordable scooter, S1 X 2kWh, received certification for compliance with the eligibility requirements of the Production Linked Incentive (PLI) Scheme.
The EV maker now has five products in its premium line of scooters and mass-market two-wheeler (2W) portfolio, namely S1 Pro, S1 Air, S1 X 2kWh, S1 X 3kWh, and S1 X 4kWh.
The company said that the S1 X 2kWh model met the minimum localisation criteria of 50%, as mandated by the Ministry of Heavy Industries.
Under the scheme, Ola Electric is eligible for incentives for up to five constructive financial years, starting from FY24. The incentive will range between 13% and 18% of the “determined sales value” (DSV) of the products.
“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," said an Ola Electric spokesperson.
"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,” they added.
The certification comes a day after Ola Electric introduced a ‘Network Partner Program’ to accelerate electric vehicle (EV) adoption across India. The initiative aims to target EV adoption in Tier II and III cities and urban areas with lower EV penetration.
Ola Electric intends to onboard 10,000 partners by the end of 2025 to expand its sales and service network across India.
(Disclaimer: Shradha Sharma, Founder and CEO of YourStory, is an independent director in Ola Electric)
Edited by Suman Singh