Ola Electric has sought incentives worth about 400 crore rupee (US$48 million) under India’s production linked incentive (PLI) scheme for the auto sector, based on reported sales of 3,000 crore rupee (US$3.6 billion) for FY25, according to sources.

Ola Electric, based in India, manufactures electric two-wheelers.

The PLI scheme was launched in 2021 to boost local manufacturing of advanced automotive technologies, including EVs.

Last month, Ola Electric received compliance certification for its Gen 3 scooter portfolio, making it eligible for incentives of 13-18% on sales of these models until 2028.

Ola Electric was the only electric two-wheeler maker to qualify for PLI incentives in FY24.

Shares of Ola Electric rose 2.8% to close at 60.5 rupee (US$0.73) on September 15.

For the April-June quarter, the company posted a net loss of 428 crore rupee (US$51.36 million) on revenue of 828 crore rupee (US$93.86 million), and has recently faced scrutiny over sales data, consumer complaints, and regulatory issues.

🔗 Source: The Economic Times

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