Ola Electric Mobility Pvt. has received a domestic value addition certificate under the production-linked incentive scheme for the automobile and auto component industry.
The company said that it is the first Indian two-wheeler maker to receive the certificate and it successfully met the local value-add criteria of 50% as mandated by the Ministry of Heavy Industries, according to a release on Wednesday.
The certification has been granted by the Automotive Research Association of India after testing the product and checking the localisation standards of the components.
Ola Electric's DVA Certificate. (Source: Company)
Ola Electric's DVA Certificate. (Source: Company)
"The PLI certification is a testament to our vertically integrated manufacturing capabilities and a significant milestone in our quest to accelerate India's journey towards clean mobility," an Ola Electric spokesperson said.
Under the scheme, Ola Electric is eligible for incentives for up to five consecutive financial years, commencing in FY24. The incentive would range between 13% and 18% of the determined sales value.
Ola Electric has also been awarded 20-gigawatt-hour capacity by the Union government under its PLI scheme for advanced chemistry cell battery storage in March 2022. It will be eligible to receive incentives under the scheme over a five-year period from the date of commissioning of the Ola Gigafactory in Tamil Nadu.
RECOMMENDED FOR YOU
Investors Lose Over Rs 6 Lakh Crore On Monday—Here's What Dragged The Markets.
Nov 04, 2024
S Jaishankar Calls India-China Disengagement Progress A 'Welcome Step'
Nov 03, 2024
India’s Musk — And His EVs — Need To Be Less Combustible
Oct 14, 2024
Electric Two-Wheeler Market Faces Profitability Challenges, Says Bernstein Report
Sep 25, 2024
POPULAR