Ola Electric announced that it had received the compliance certification for the production-linked incentive (PLI) program for its mass-market scooters, the S1 X 3kWh and S1 X 4kWh.

In its regulatory filing, the company said, “Both the S1 X 3 kWh and S1 X 4 kWh scooters have successfully met the stringent minimum localisation criteria of 50%, as mandated by the ministry of heavy industries.”

The firm, led by Bhavish Aggarwal, has achieved a significant milestone by being the first producer of pure-play electric cars (EVs) on two wheels. 

Four products, S1 Air, S1 Pro, and S1 X (3 kWh and 4 kWh), have been certified for compliance. The company had already won the S1 Air accreditation at the Auto PLI Conclave in January 2024.

The company added, “The S1 X 3 kWh and the S1 X 4 kWh together contribute to almost half of our revenues and, with the PLI now in place, we will be able to further improve our bottomline.”

On 20 August, the recently listed EV company’s shares dropped by 8%, closing over 14% below the day’s record high of Rs 157.4 on the NSE. The stock ended the day lower by over 6%, closing at Rs 137.38.

Since the stock went public earlier this month, it has gained 107%, more than doubling investors’ capital over the Rs 76 issue price.

At 1:13 pm, the shares of Ola Electric were trading 0.07% lower at Rs 137.69 on NSE. 

Ready to invest like a pro? Unicorn Signals app equips you with 100+ Free tools and knowledge you need to succeed. Download the Unicorn Signals app and gain access to daily stock lists and insightful market analysis and much more!