Ola Electric Mobility has announced that its S1 X 2kWh scooter has been granted the Production Linked Incentive (PLI) certification.

What Happened: The Bengaluru-based company revealed on Friday afternoon, that the S1 X 2 kWh is now certified under the PLI scheme. The certification, granted by The Automotive Research Association of India (ARAI), signifies that the scooter has satisfied the stringent minimum localisation criteria of 50%, as mandated by the Ministry of Heavy Industries.

“S1 X 2 kWh is the fifth product in our portfolio to receive the PLI Certification. This certification for our third mass-market product affirms our vertically integrated manufacturing strength marking a significant achievement in advancing India’s EV vision,” said an Ola spokesperson.

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Under the PLI scheme, Ola Electric can avail of incentives for up to five consecutive financial years, starting from FY2024. The incentive would range between 13% and 18% of the “determined sales value” (DSV) of the products.

The company had previously received PLI certificates for S1 Pro, S1 Air, S1 X 3 kWh, and S1 X 4 kWh. Ola Electric was also awarded 20-gigawatt hours capacity by the government under its PLI scheme for Advanced Chemistry Cell (ACC) Battery storage in March 2022.

Price Action: Ola Electric’s share price was down 1.58% to trade at ₹101.85.

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