(MENAFN- KNN India)
New Delhi, Aug 23 (KNN) Ola Electric, the Bengaluru-based electric two-wheeler manufacturer, has obtained certification of compliance with the eligibility assessment requirements under the Production Linked Incentive (PLI) Scheme for automobiles and auto components.
The certification applies to the company's S1 X 3 kWh and S1 X 4 kWh scooter models, which have met the minimum 50 per cent localisation criteria set by the Ministry of Heavy Industries.
Bhavish Aggarwal, Co-Founder and CEO, Ola Electric, announced the achievement on social media platform X, stating that these two products account for nearly half of the company's orders.
The S1 X 3 kWh and S1 X 4 kWh models now join Ola's S1 Air and S1 Pro scooters, which received Domestic Value Addition (DVA) certification earlier this year.
An Ola Electric spokesperson informed HT Auto that the newly certified models contribute to approximately half of the company's revenues.
The spokesperson emphasised that the PLI certification for both premium and mass-market products underscores Ola's vertically integrated manufacturing capabilities and aligns with India's electric vehicle vision.
The certification was issued by the Automotive Research Association of India (ARAI) following product testing and verification of component localisation.
Under the PLI scheme, Ola Electric will be eligible for incentives ranging from 13 per cent to 18 per cent of the products' determined sales value for five consecutive fiscal years, starting from Fiscal 2024.
In related news, Ola Electric recently unveiled its new Roadster series of electric bikes during the company's Sankalp 2024 event.
The series includes three variants including Roadster, Roadster X, and Roadster Pro, with prices ranging from Rs 74,999 to Rs 2,49,999.
The Roadster and RoadsterX models are slated for market release in January 2025, while the Pro model is scheduled to launch during Diwali next year.
(KNN Bureau)
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