Ola Electric’s S1X Scooters Receive DVA Certification For PLI
The company will be eligible for incentives between 13 to 18 per cent under the PLI scheme for a maximum of five consecutive fiscal years
The S1X 3 and 4 kWh mass-market scooters from Ola Electric have been certified as meeting the qualifying requirements of the Production Linked Incentive (PLI) Scheme. The models satisfy the Ministry of Heavy Industries' minimum localization requirement of 50 per cent, as per media reports.
Starting in FY2024, the company will be eligible for rewards under the PLI scheme for a maximum of five consecutive fiscal years. The incentive will be between 13 per cent and 18 per cent of the products' final sales value.
Ola Electric's founder, Bhavish Aggarwal, declared on X, formerly Twitter, that S1X 3 and 4 kWh had been certified. He stated, “Excited to share that the S1X 3 and 4 kWh scooters have received the domestic value addition (DVA) certification under the Production Linked Incentive (PLI) Scheme. These two products make almost 50 per cent of our orders. More wind in our sails as we build India’s EV future.”
In 2020, the Indian government implemented the PLI initiative to increase domestic car manufacture and reduce reliance on imports from nations like China.
Ola Electric's product certification follows a few days after Aggarwal unveiled the "Roadster" line of motorbikes and gave a sneak peek at two of the company's next models, the Sportster and Arrowhead, at its yearly product launch event, "Sankalp," in Bengaluru. During the ceremony, Aggarwal declared that Krutrim would introduce the first AI chips in India by 2026 and revealed the rebranding of Ola Cabs as Ola Consumer.
Ola Electric's stock price has now skyrocketed. The Bombay Stocks Exchange saw the shares end at Rs 142.16 a piece on Tuesday, an 87 per cent increase from its IPO price of Rs 76.
