OLA S1 Pro Electric Scooter Receives Domestic Value Addition Certification Under Government’s PLI Scheme for Automobile and Auto Component Industry: Report
"The government's ambitious auto PLI Scheme is poised to enhance local supply chains, foster domestic manufacturing, and assist companies in achieving economies of scale," said an Ola Electric spokesperson.
Bengaluru, March 4: Ola Electric's S1 Pro electric scooter has received the domestic value addition (DVA) certification under the production-linked incentive (PLI) scheme for the automobile and auto component industry, the Centre said on Monday.
The S1 Pro scooter met the stringent minimum localisation criteria of 50 per cent, as mandated by the Ministry of Heavy Industries. The International Centre for Automotive Technology (ICAT), Manesar, one of the divisions of the National Automotive Board (NAB) under Ministry of Heavy Industries, awarded its first PLI–automotive certificate to Ola Electric. Ather Rizta To Debut on April 6: Check Expected Price, Specifications and Features.
Under the leadership of Prime Minister Narendra Modi, the government introduced the National Electric Mobility Mission Plan (NEMMP) 2020 to realise the goal of ‘Green Mobility’. This plan sets out the goals and time frame for the nation to manufacture and adopt electric vehicles (EVs).
With this, Ola Electric has become the only 2W and pure-play EV manufacturer to receive the DVA certification (PLI certificate) for one or more products. The company had earlier received the DVA certificate for S1 Air at the Auto PLI Conclave organised in January. "The government's ambitious auto PLI Scheme is poised to enhance local supply chains, foster domestic manufacturing, and assist companies in achieving economies of scale," said an Ola Electric spokesperson.
The ICAT is one of the nodal testing agencies to grant the certification after thorough checks on the localisation standards of the components. Under the scheme, Ola Electric is eligible for incentives for up to five consecutive financial years, commencing from fiscal 2024. The incentive would range between 13 and 18 per cent of the “determined sales value” (DSV) of the products. Vida V1 Plus Relaunched With Rs 1.15 Lakh: Check Specifications, Features and Other Details.
Ola Electric was also awarded 20GWh capacity by the government under its PLI scheme for Advanced Chemistry Cell (ACC) battery storage in March 2022. ICAT is also in process of evaluation and assessment of PLI-auto applications of other applicants.
(The above story first appeared on LatestLY on Mar 04, 2024 08:07 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).