EV Penny Stock Under Rs 40: The Company Secures Rs 366.78 Crore PLI Incentive for FY 2025
DSIJ Intelligence-2Categories: Mindshare, Penny Stocks, Trending
The stock price of the company is trading 18 per cent up from 52-week low.
Ola Electric Mobility Limited has received a formal sanction order from the Ministry of Heavy Industries for incentives amounting to Rs 366.78 crore under the Production Linked Incentive (PLI) Scheme for Automobile and Auto Components. The incentive pertains to claims for FY 2024–25 and will be disbursed through IFCI Limited, the designated financial institution for the scheme.
The company said the approval strengthens its position in India’s automotive manufacturing ecosystem and reflects its progress in localisation and technology-led, vertically integrated manufacturing. According to an Ola Electric spokesperson, the incentive validates the company’s manufacturing capabilities and underlines its commitment to developing world-class electric vehicle technology within India.
Ola Electric continues to scale up domestic production while driving innovation across the electric mobility value chain. These efforts align with the government’s objective of positioning India as a global hub for clean mobility.
The company operates the Ola Futurefactory in Tamil Nadu and a Battery Innovation Centre (BIC) in Bengaluru, focusing on advancing cell and battery technologies to support long-term growth in the electric vehicle segment.
Founded in 2017, Ola Electric Mobility Limited is an electric vehicle company that primarily manufactures electric vehicles and core components for electric vehicles. These components include battery packs, motors, and vehicle frames, all produced at the Ola Futurefactory.
The stock price of the company is trading 18 per cent up from 52-week low.
Disclaimer: The article is for informational purposes only and not investment advice.