Ola Electric, the electric vehicle (EV) arm of Ola, has achieved a significant milestone as its flagship S1 Pro e-scooter receives Domestic Value Addition (DVA) certification under the government’s production-linked incentive (PLI) scheme for the automobile and auto component industry. This certification allows the S1 Pro to secure a 13% subsidy on its sales value, marking a significant stride in the company’s journey towards localization and incentivizing domestic manufacturing of advanced automotive technology products.

The PLI scheme, with an outlay of Rs 25,938 crore over five years, aims to boost the production of electric vehicles and their components, thereby accelerating India’s transition towards sustainable mobility. Ola Electric’s achievement in meeting the minimum localization criteria of 50% mandated by the Ministry of Heavy Industries underscores its commitment to driving indigenous innovation and fostering a self-reliant ecosystem in the EV sector.

The certification of the Ola S1 Pro follows the earlier recognition of the Ola S1 Air, demonstrating the company’s concerted efforts in building a robust electric value chain to cater to the evolving domestic market. The Automotive Research Association of India (ARAI) serves as the nodal testing agency responsible for granting certification, ensuring adherence to stringent localization standards for components.

Under the PLI scheme, Ola Electric becomes eligible for incentives for up to five consecutive financial years from FY24 onwards. The subsidy received by the S1 Pro and S1 Air, which amounts to 13%, may potentially increase to 18% based on the progress in localization and determined sales value (DSV). This incentive serves as a significant impetus for Ola Electric to continue investing in localization efforts and driving innovation across its product portfolio.

In a bid to deepen the penetration of 2-wheeler EVs, Ola Electric recently unveiled the S1X 4kWh scooter, equipped with a powerful 6kW motor and an impressive range of 190 km. Priced competitively at Rs 1,09,999, the S1X 4kWh scooter underscores Ola Electric’s commitment to offering high-performance EVs at accessible price points. Furthermore, the company’s industry-first extended battery warranty of 8 years or up to 80,000 km addresses customer concerns regarding battery health, thus facilitating wider EV adoption.

In addition to product innovation, Ola Electric is expanding its service network by 50% to approximately 600 centers across the country by April 2024. Moreover, the company aims to ramp up its fast-charging network to 10,000 points in the next quarter, enhancing accessibility and convenience for EV users nationwide.

The remarkable growth trajectory of Ola Electric is evidenced by its record-breaking registrations, with over 31,000 registrations recorded in January alone, maintaining a market share of approximately 40%. The company’s year-on-year growth of over 70% reflects the increasing consumer interest and confidence in EVs, positioning Ola Electric as a key player in India’s electric mobility revolution.

In conclusion, Ola Electric’s achievement of PLI certification for its S1 Pro scooter signifies a significant milestone in India’s journey towards sustainable and eco-friendly transportation. With its relentless focus on innovation, localization, and customer-centricity, Ola Electric is poised to drive positive change and accelerate the adoption of EVs, paving the way for a greener and more sustainable future.

By Admin

Leave a Reply

Your email address will not be published. Required fields are marked *