Ola Electric and Mahindra advance EV initiatives in India

Ola Electric has been sanctioned Rs 95.81 crore under the Production Linked Incentive (PLI) Scheme for Automobile and Auto Components for the financial year 2026-27. This marks the third consecutive year the company has received incentives from the Ministry of Heavy Industries, following previous sanctions of Rs 73.74 crore for FY 2023-24 and Rs 366.78 crore for FY 2024-25. The funds will be disbursed through IFCI Limited.

In a separate development, Mahindra Group has expanded its Battery-as-a-Service (BaaS) program to its full Electric Origin SUV lineup, including the BE 6 SPORTEQ, XEV 9S, and XEV 9e. The program utilizes a dual-loan structure that separates vehicle financing from battery financing to lower upfront acquisition costs. Under this model, the XEV 9S and XEV 9e see significant reductions in initial purchase prices, with battery usage costs calculated at an effective rate of Rs 3.75 per kilometer.