Connect with us

Business

OLA’s S1 Pro Electric Scooter Receives PLI Certification to Promote Green Mobility

Published

on

By

Ola's S1 Pro electric scooter gets PLI certification to boost green mobility

Bengaluru, March 4 (IANS) – Ola Electric’s S1 Pro electric scooter has secured the domestic value addition (DVA) certification under the PLI scheme for the automotive industry, meeting the 50% localisation criterion. The certification was awarded by ICAT, a division of NAB under the Ministry of Heavy Industries.

The National Electric Mobility Mission Plan 2020, introduced under PM Modi’s leadership, aims to promote ‘Green Mobility’ by encouraging the manufacturing and adoption of electric vehicles. Ola Electric is now the only 2W and pure-play EV manufacturer to receive the DVA certification for one or more products. The company had previously received the DVA certificate for S1 Air at the Auto PLI Conclave in January.

“The government’s ambitious auto PLI Scheme aims to enhance local supply chains, foster domestic manufacturing, and assist companies in achieving economies of scale,” said an Ola Electric spokesperson. ICAT, a nodal testing agency, granted the certification after rigorous checks on the localisation standards. Ola Electric is eligible for incentives for up to five consecutive financial years, starting from fiscal 2024, ranging between 13 and 18 percent of the determined sales value.

Advertisement

In addition to the PLI certification for their electric scooters, Ola Electric was also allocated 20GWh capacity under the government’s PLI scheme for Advanced Chemistry Cell (ACC) battery storage in March 2022. ICAT is currently evaluating and assessing PLI-auto applications from other applicants, further facilitating the growth of the electric vehicle industry within the country.

IANS, established in 1986, is India's largest independent news service, offering 24x7 news from India and South Asia, and a preferred source for diverse content across six business verticals.

x