The company has received a sanction order from the Ministry of Heavy Industries, Government of India. The sanction pertains to the demand incentive for the determined sales value for FY2024-25, and authorises a payment of Rs 366.78 crore to be released through Industrial Finance Corporation of India (IFCI), the designated financial institution for disbursement under the scheme
The PLI-Auto Scheme is a flagship initiative of the Government of India aimed at strengthening domestic manufacturing, encouraging advanced automotive technologies, and enhancing India’s global competitiveness in the auto and auto components sector.
Ola Electric spokesperson said, “The sanction of Rs 366.78 crore under the PLI-Auto Scheme is a strong endorsement of Ola Electric’s manufacturing capabilities and our commitment to building world-class EV technology in India. This incentive recognises our sustained efforts in scaling domestic production, deepening localisation, and driving innovation across the electric mobility value chain. We remain committed to supporting the Government of India’s vision of making India a global hub for advanced automotive manufacturing and clean mobility.”
Ola Electric Mobility is a leading Indian electric vehicle (EV) manufacturer engaged in the integrated development of EV technology and components, including battery cells. Its manufacturing facility, the Ola Futurefactory in Tamil Nadu, produces EVs and key components and is positioned as one of India’s major EV hubs.
On a consolidated basis, Ola Electric reported a net loss of Rs 418 crore in Q2 September 2025, compared with a net loss of Rs 495 crore a year earlier. Net sales fell 43.16% YoY to Rs 690 crore in the quarter.