This move is aimed at helping these companies offset the losses incurred due to low production volumes. Among the beneficiaries is Bajaj Auto, which has received approvals for all 13 applications filed for its electric scooter Chetak and three-wheelers.
The PLI scheme is part of the government’s efforts to promote the adoption of electric vehicles and enhance the country’s EV ecosystem. By providing incentives, the government aims to encourage companies to invest in EV manufacturing, despite the current low volumes. This support is crucial for the industry as it navigates the challenges of scaling up production while managing costs.
The approvals are expected to help companies like Bajaj Auto partially offset their losses and make further investments in EV manufacturing more viable. This initiative aligns with the government’s broader vision of promoting sustainable transportation and reducing the country’s dependence on fossil fuels.
As the EV sector continues to grow, the government’s support through PLI schemes will play a critical role in driving innovation and investment. The scheme is designed to encourage companies to produce high-quality EVs that meet global standards, thereby enhancing India’s position in the global EV market.
