Ola Electric Secures Major Incentive for Advanced EV Manufacturing

Ola Electric has secured Rs 366.78 crore from the Ministry of Heavy Industries under the production-linked incentive scheme. This funding underscores Ola's commitment to enhance India's automotive manufacturing through increased localization and innovation, aligning with the government’s vision for clean mobility and global competitiveness in the sector.

Ola Electric has been granted a substantial Rs 366.78 crore incentive from India's Ministry of Heavy Industries. This incentive is part of the production-linked incentive (PLI) scheme aimed at supporting advanced automotive manufacturing.

The payment is authorized for fiscal year 2024-25, reflecting Ola's strategic role in scaling domestic production and fostering technological innovation in the electric mobility sector.

An Ola spokesperson emphasized the company's dedication to aligning with the government's ambitions for India to emerge as a leading hub for automotive manufacturing and clean mobility solutions.

(With inputs from agencies.)