Ola Electric Gets ₹95.81 Crore PLI Incentive Under Auto Scheme

Ola Electric Mobility secured a ₹95.81 crore Production Linked Incentive (PLI) incentive under the automobile scheme, as per a recent regulatory filing. The sanction, issued by the Ministry of Heavy Industries, pertains to the FY27 demand incentive component of the program. The payments will be made through IFCI Ltd., the designated agency for PLI disbursements.

This latest approval follows previous PLI receipts for Ola Electric. The company received ₹367 crore for FY25 and another ₹73.74 crore for FY24 under the government initiative. Additionally, Ola Electric has secured a five-year ACC PLI window, capable of unlocking up to ₹7,240 crore in incentives.

Despite mixed financial results in the June quarter, Ola Electric continues to bolster its product portfolio. The company reported a net loss of ₹336 crore in Q1 FY27, compared to a ₹426-crore loss in the same period last year. However, revenue decreased 45% year-on-year to ₹455 crore, down from ₹828 crore a year earlier. Ola Electric's EBITDA loss also improved to ₹165 crore from ₹237 crore in the previous year.

To complement its strategy of increasing in-house development of critical components, Ola Electric unveiled the new Ola S1Z electric scooter. Priced at ₹79,999, the model utilizes Ola Electric's 46160 LFP Bharat Cell and boasts an IDC-certified range of 301 km. Deliveries are expected to commence in December 2026. The S1Z is part of Ola Electric’s broader plan to expand its electric vehicle offerings and manufacturing capabilities.