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Electric two-wheeler maker Ola Electric has secured a ₹95.81 Cr incentive under the government’s Production Linked Incentive (PLI) Scheme from the Ministry of Heavy Industries. Under the PLI scheme, the MHI provides financial incentives of up to 18% on sales to boost domestic manufacturing of advanced automotive technology (AAT) products. The incentive secured from Ola Electric pertains to the fiscal year FY27, making it the third consecutive year that Ola Electric has received the incentive. The Bhavish Aggarwal-led company had earlier received a sanction of ₹73.74 Cr for FY24 in March 2025, followed by ₹366.78 Cr for FY25, announced in December 2025. “The sanction of ₹95.81 Cr under the PLI-Auto Scheme, for the third consecutive year, is a strong endorsement of Ola Electric's manufacturing capabilities and our commitment to building world-class EV technology in India,” an Ola Electric spokesperson said. Besides the PLI for AAT products, Ola Electric is also eyeing up to ₹7,240 Cr in battery cell PLI incentives. Notably, the MHI revised the timelines under the advanced chemistry cell (ACC) PLI scheme, giving Ola Electric’s battery subsidiary, Ola Cell Technologies Pvt Ltd (OCT), a five-year incentive window. Under the new window, the company can potentially claim cumulative incentives of up to ₹7,240 Cr, it said in a filing on August 12. The incentives come amid declining sales for the EV major. Ola Electric’s registrations fell 20% to 13,085 units in July from 16,249 units in June, with its market share slipping to about 7%. Amid falling sales, the EV major launched its new S1Z e-scooter range today, powered by the company’s locally developed 46-series lithium iron phosphate (LFP) Bharat Cell technology. To note, the company is also entering the energy storage segment while shifting to a dealer-led sales and service model. Earlier this month, it launched three battery energy storage systems (BESS) as part of its push into the energy solutions business. The portfolio comprises the second-generation residential Ola Shakti, the industry-focused Shakti Rack, and the utility-scale Mahashakti. The company also launched the Shakti Solar Charge Controller, which will be available in 3 kW and 6 kW variants from March 2027. On the financial front, Ola Electric’s consolidated net loss narrowed 22% YoY to ₹336 Cr from ₹428 Cr. Operating revenue was down 45% from ₹828 Cr in Q1 FY26. To note, delivery of scooters stood at 39,192 units, almost double the 20,256 units shipped in Q4 FY26.
document fetched 2026-08-30 02:53 · canonical https://inc42.com/buzz/ola-electric-secures-centres-%e2%82%b995-81-cr-incentive-under-pli-auto-scheme