Ola Electric Mobility , a prominent player in India's electric vehicle market, has achieved a significant milestone by becoming the first Indian pureplay electric vehicle company to reach 1 million production units. The company has also made a notable move by filing a Rs 400 crore incentive claim under the government's Production-Linked Incentive (PLI) scheme, backed by impressive eligible sales of approximately Rs 3,000 crore.

Production Milestone and New Launches

Ola Electric celebrated its production achievement by launching a special edition Roadster X+ from its FutureFactory facility in Tamil Nadu. The company plans to deliver its new S1 Pro+ and Roadster X+ models during the Navratri festival period, further solidifying its market presence.

PLI Claim Details

The incentive claim, calculated at a rate of 13-14%, underscores Ola Electric's strong performance and alignment with the government's push for domestic manufacturing in the electric vehicle sector. Notably, Ola Electric has distinguished itself as the sole two-wheeler manufacturer to receive a PLI incentive last year, further cementing its position as a frontrunner in the industry.

Consecutive Achievement

For the second year in a row, Ola Electric has emerged as the top achiever in PLI-eligible sales. This consistent performance highlights the company's growing market presence and its ability to meet the stringent criteria set by the PLI scheme.

Gen 3 Scooter Portfolio

Adding to its list of achievements, Ola Electric has received PLI eligibility compliance certification for its Gen 3 scooter portfolio. This certification is expected to have a positive impact on the company's profitability, with improvements anticipated from the second quarter.

Stock Performance

Despite recent gains, Ola Electric's stock has faced challenges over the past year:

The stock has shown remarkable recovery in recent months, with significant gains over shorter time frames. In the most recent trading session, Ola Electric's shares closed 2.85% higher at Rs 60.57, reflecting growing investor confidence in the company's prospects.

The recent PLI claim, production milestone, and the company's consistent performance in the electric two-wheeler segment suggest that Ola Electric is positioning itself for growth in India's evolving automotive landscape. As the electric vehicle market continues to expand, Ola Electric's strategic moves and government support through schemes like PLI could play crucial roles in shaping its future trajectory.

Ola Electric Mobility has announced the appointment of Mr. Abhishek Jain as the Company Secretary and Compliance Officer, effective September 12, 2025. The decision was made during a board meeting held on the same day, following recommendations from the Nomination and Remuneration Committee.

Key Appointment Details

• Appointee: Mr. Abhishek Jain (ICSI Membership No. A62027)
• Position: Company Secretary and Compliance Officer
• Effective Date: September 12, 2025
• Designation: Key Managerial Personnel

Professional Background

Mr. Jain brings a wealth of experience and qualifications to his new role:

• Associate Member of the Institute of Company Secretaries of India (ICSI)
• Holds a Diploma in Corporate Governance from ICSI
• Commerce graduate with extensive experience in corporate secretarial functions, regulatory compliance, and governance frameworks

Career Highlights

• Associated with Ola Electric since 2024
• Contributed to significant corporate actions, including:
  • Fund-raising initiatives
  • Acquisitions
  • Corporate restructurings
  • Compliance matters under SEBI regulations

Company Statement

The board of directors expressed confidence in Mr. Jain's appointment, citing his expertise and experience as valuable assets to Ola Electric Mobility. The company emphasized that Mr. Jain is not related to any Director of the Company, ensuring independence in his role.

About Ola Electric Mobility

Ola Electric Mobility, formerly known as Ola Electric Mobility Private Limited, is a key player in the electric vehicle industry. The company's commitment to strengthening its corporate governance is evident through this strategic appointment.

The appointment of Mr. Abhishek Jain as Company Secretary and Compliance Officer underscores Ola Electric's focus on maintaining robust corporate governance practices and ensuring compliance with regulatory requirements as it continues to grow in the dynamic electric mobility sector.