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Ola Electric has secured a INR 95.81 crore incentive under the government’s Production Linked Incentive (PLI) Scheme from the Ministry of Heavy Industries (MHI). Under the scheme, MHI provides incentives of up to 18% on sales to boost domestic manufacturing of advanced automotive technology (AAT) products. The incentive pertains to FY27, marking the third consecutive year Ola Electric has received it, following INR 73.74 crore for FY24 and INR 366.78 crore for FY25.
“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.
Beyond the AAT incentive, Ola Electric is also eyeing up to INR 7,240 crore under the battery cell PLI scheme. The MHI revised timelines under the advanced chemistry cell (ACC) PLI scheme, giving Ola Electric’s battery subsidiary, Ola Cell Technologies, a five-year incentive window, the company said in a filing on August 12.
The incentives come amid declining sales. 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%. The company recently launched its S1Z e-scooter range powered by its locally developed 46-series LFP Bharat Cell technology and has entered the energy storage segment with three battery energy storage systems while shifting to a dealer-led sales model.
On the financial front, Ola Electric’s consolidated net loss narrowed 22% year-on-year to INR 336 crore from INR 428 crore, while operating revenue fell 45% from INR 828 crore in Q1 FY26.
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