Centre Energizes EV Sector with PLI Approvals

27 Aug 2024 CW Team

The government has approved 50 out of the 74 applications it received from automakers for its productivity-linked incentive (PLI) scheme aimed at boosting electric vehicle (EV) manufacturing. The remaining 24 applications are still under review.

The approvals granted are expected to help the companies partially mitigate the losses they are facing due to low production volumes of EVs. Among the approved applications, Bajaj Auto was the only automaker to receive approvals for all 13 submissions related to its electric scooter, Chetak, and three-wheelers.

Mahindra & Mahindra was granted approval for 16 out of 23 applications, Tata Motors for 15 out of 27, Ola Electric for four out of five, TVS Motor for two out of five, and Eicher, which submitted one application, did not receive approval. This information was revealed through an internal document showing the status of the domestic value addition (DVA) applications. Under the PLI incentive scheme, automakers can receive a government grant of 13-15 per cent of the sales value of EVs within a year. This grant is designed to enhance the company's total revenue and help offset the higher costs associated with new technology investments, thereby narrowing the margin gap between internal combustion engine (ICE) vehicles and EVs.

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