21 August 2024
Ola Electric said in an exchange filing late on August 20 that it has received the compliance certification under the production-linked incentive (PLI) scheme for its mass-market scooters S1 X 3kWh and S1 X 4kWh.
“Both the S1 X 3 kWh and S1 X 4 kWh scooters have successfully met the stringent minimum localisation criteria of 50 percent, as mandated by the ministry of heavy industries,” Ola Electric said.
The development has made the Bhavish Aggarwal-led firm the only two-wheeler pure-play electric vehicle (EV) manufacturer to receive the compliance certification for four products - S1 Air, S1 Pro, S1 X (3 kWh and 4 kWh). The company had earlier received the certificate for S1 Air at the Auto PLI Conclave organised in January 2024.
“The S1 X 3 kWh and the S1 X 4 kWh together contribute to almost half of our revenues and, with the PLI now in place, we will be able to further improve our bottomline,” the company said.
Ola Electric said in an exchange filing late on August 20 that it has received the compliance certification under the production-linked incentive (PLI) scheme for its mass-market scooters S1 X 3kWh and S1 X 4kWh.
“Both the S1 X 3 kWh and S1 X 4 kWh scooters have successfully met the stringent minimum localisation criteria of 50 percent, as mandated by the ministry of heavy industries,” Ola Electric said.
The development has made the Bhavish Aggarwal-led firm the only two-wheeler pure-play electric vehicle (EV) manufacturer to receive the compliance certification for four products - S1 Air, S1 Pro, S1 X (3 kWh and 4 kWh). The company had earlier received the certificate for S1 Air at the Auto PLI Conclave organised in January 2024.
“The S1 X 3 kWh and the S1 X 4 kWh together contribute to almost half of our revenues and, with the PLI now in place, we will be able to further improve our bottomline,” the company said.
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