Ola Electric receives Rs 73.74 Cr under PLI-Auto scheme
Ola Electric received a sanction order from the Ministry of Heavy Industries, which pertains to the release of the demand incentive to IFCI Limited for disbursement of the incentive claim.
Electric vehicle (EV) maker Ola Electric said on Wednesday that it received a Rs 73.74 crore incentive under the Indian government's production-linked incentive for automobile and auto components (PLI-Auto) scheme.
In a stock exchange filing, the company said that it received a sanction order from the Ministry of Heavy Industries, which pertains to the release of demand incentive to IFCI Limited for disbursement of the incentive claim to Ola Electric Technologies Private Limited.
The PLI scheme for the automobile and auto components industry aims to enhance India’s manufacturing capabilities for advanced automotive technology products, overcome cost disabilities, and build a robust supply chain.
Earlier in January, the company launched its Gen 3 electric scooter range under the S1 portfolio. With a total of eight scooters, the Gen 3 portfolio includes S1X, S1X+S1 Pro and S1 Pro+, and the new and improved range runs on the company’s latest MoveOS 5 operating system.
According to a Bloomberg report last week, Ola Electric is laying off 1,000 employees and contract workers to curb widening losses. The report showed that employees in sales, service, and warehouse roles at its showrooms and service centres are also being laid off.
This is the company’s second round of layoffs after it let go of 500 employees in November last year.
Additionally, in February, the company eliminated regional warehouses across the country and said it would leverage its network of 4,000 retail stores nationwide for maintaining vehicle inventory, spare parts, accessories, and last-mile deliveries.
(Disclaimer: Shradha Sharma, Founder and CEO of YourStory, is an independent director in Ola Electric.)
