ICAT grants Ola Electric the PLI Automotive Certificate
With effect from the date of certificate issuance, the Ola S1 Pro (Gen2) two-wheeler, which will be on sale in September 2023, will now be eligible for incentives under the PLI program, according to a top Ola Electric official.
Presently, the PLI plan distributes incentive claims for cars and auto components on a yearly basis.
Ola Electric Technologies received the PLI-Automotive accreditation under the production-linked incentive (PLI) program on Monday from the automotive regulatory agency International Center for Automotive Technology. The International Center for Automotive Technology (ICAT) stated that Ola Electric's Battery Electric Vehicle - 2W (Ola S1 Pro Gen2) "met the standards set of minimum DVA (Domestic Value Addition) of 50% for Automotive PLI Certificate, expressing their commitment towards indigenization of technologically sophisticated automotive technology products."
With effect from the date of certificate issuance, the Ola S1 Pro (Gen2) two-wheeler, which will be on sale in September 2023, will now be eligible for incentives under the PLI program, according to a top Ola Electric official. "With this certificate, which has gone through the procedure for performing due diligence, OLA will now be entitled to production linked incentives (PLI) awarded by the Ministry of Heavy Industries," Saurabh Dalela, administrator of ICAT, told PTI One of the National Automotive Board's (NAB) departments under the Ministry of Heavy Industries is ICAT, Manesar.
The two main testing organizations in India are ARAI (Automotive Research Association of India) and ICAT. When asked how much money Ola Electric will get under the PLI plan for cars and auto parts, Hanif Qureshi, the ministry's assistant secretary for heavy industries, said, "It relies on the sales volume." Plan Allocation: Rs 25,938 crore; the top ceiling is 25 percent.
Presently, the PLI plan distributes incentive claims for cars and auto components on a yearly basis. Consequently, businesses who get certifications in 2023–2024 are eligible to submit payment incentive claims in 2024–2025.
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