Ola Electric wins 2-year PLI extension, could unlock 7240 cr
Business
Ola Electric just scored a two-year extension from the government to meet its battery investment targets under India's PLI scheme.
Now, the company has until 2031 to ramp up production and could unlock up to ₹7,240 crore in incentives, pretty huge for their EV ambitions.
Ola Electric to hit 6 GWh
Ola was supposed to invest ₹225 crore per GWh for 20 GWh of battery capacity in two years but missed that deadline.
Right now, they've got 2.5 GWh installed and another 3.5 GWh on the way. The plan is to hit 6 GWh by the end of this quarter, well ahead of the new December 2026 target.
Bhavish Aggarwal, Chairman and Managing Director of Ola Electric, sounds confident about making full use of those incentives, which start rolling out quarterly from next quarter.