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EV Startups Eye Govt's Auto PLI Scheme
12 Jan
Summary
- EV startups may join the auto PLI scheme after PMO's intervention.
- Ather, River, and Euler seek inclusion due to missed original criteria.
- Siam will discuss startup inclusion in electric mobility group meeting.
The Union Ministry of Heavy Industries (MHI) is contemplating the inclusion of electric vehicle (EV) startups within its significant Production-Linked Incentive (PLI) scheme for the automobile sector. This consideration follows a directive from the Prime Minister's Office (PMO), signaling a potential shift in policy to accommodate newer companies.
The MHI has requested feedback from the auto industry body, Siam, regarding the potential inclusion of companies such as Ather Energy, River Mobility, and Euler Motors. These companies were unable to meet the scheme's stringent revenue and net worth requirements when it was finalized, or had not yet commenced operations. Siam's electric mobility group is scheduled to debate this proposal on January 23rd.
This development occurs as India's EV market experiences substantial growth, with millions of EVs sold annually and market value projected to reach $110 billion by 2029. The inclusion of these startups could further accelerate the nation's transition to green mobility, provided that eligibility rules and government approvals align.
