Ola Electric Mobility has received an approval order from the Ministry of Heavy Industries to release incentives totaling ₹3.66 billion (~$44 million) under the Production Linked Incentive program for Automobile and Auto Components (PLI-Auto Program) for claims for the financial year 2024–25.

The approval pertains to the demand incentive for the determined sales value for FY 2024-25 and authorizes the release of ₹3.66 billion (~$44 million) to Ola Electric through IFCI, the designated financial institution for disbursement under the PLI-Auto Program.

PLI-Auto is a flagship program aimed at strengthening domestic manufacturing capacity, promoting the adoption of advanced automotive technologies, and improving India’s global competitiveness in the automobile and auto components sectors.

The program has two parts: the Champion Original Equipment Manufacturer (OEM) Incentive Program and the Component Champion Incentive Program. The Champion OEM program is linked to sales value and applies to battery-electric and hydrogen fuel-cell vehicles across all segments. The segments include two-wheelers, three-wheelers, passenger vehicles, commercial vehicles, tractors, military vehicles, and other advanced-technology vehicles, as prescribed by the Ministry of Heavy Industries. Incentives apply to the determined sales value starting from FY 2023-24, with disbursements in FY 2024-25 and continuing for a total of five consecutive financial years but not beyond March 31, 2028.

Ola Electric operates the Ola Futurefactory in Tamil Nadu, where electric vehicles and critical components are manufactured.

The company’s manufacturing operations are supported by its battery innovation center in Bengaluru, which focuses on developing and advancing battery cells and technology.

EV sales in India reached 560,637 units in the third quarter (Q3) of 2025, an over 12.5% year-over-year increase from 497,974 units. EVs accounted for 8% of the overall automobile sales, which totaled 5,796,216 units in Q3, according to data released by the Ministry of Road Transport and Highways through its Vahan Dashboard. India now has over 7.02 million registered EVs.

Electric two-wheelers comprised nearly 56% (312,681) of the total EVs sold during the quarter. Electric three-wheelers constituted 34.5% (193,633) of all EVs sold in Q3. Electric four-wheelers accounted for 8.5% of total sales, at 48,166 units.

In October this year, the board of directors and the shareholders of Ola Electric Technologies, a wholly owned subsidiary of Ola Electric Mobility, approved a proposal to raise ₹8.77 billion (~$98.92 million) by issuing up to 877.64 million shares to Ola Cell Technologies, another subsidiary.