Bengaluru: Ola Electric Technologies has received ₹ 366.78 crores under the government’s Production Linked Incentive (PLI) scheme for automobiles and auto components for FY 2024-25, after the company met the government’s requirements for the scheme.
Ola had earlier filed a claim for ₹400 crore under the scheme, based on the company’s eligible sales of around ₹3,000 crore for FY25, with an expected incentive rate of 13-14%, as per industry sources.
“The sanction of ₹366.78 crore under the PLI-Auto Scheme is a strong endorsement of Ola Electric’s manufacturing capabilities and our commitment to building world-class EV technology in India. This incentive recognises our sustained efforts in scaling domestic production, deepening localisation, and driving innovation across the electric mobility value chain. We remain committed to supporting the Government of India’s vision of making India a global hub for advanced automotive manufacturing and clean mobility.” the company said in a press release.
For Bhavish Agarwal-led Ola Electric, this milestone comes at a time when the company is going through a tough phase, as the company struggles to maintain its lead in the growing EV scooter space in India. The company has lost its crown as India’s biggest e-scooter maker by volume, with its sales declining 61% year on year, mostly due to the negative publicity received due to delayed service and quality issues.
This capital infusion will help Ola Electric mitigate its losses, which had reached ₹660 crore for Q2FY26.
