Tata Motors and Mahindra to Get INR 246 Cr as Incentives Under PLI Auto Scheme
Tata Motors has submitted an incentive claim of INR 142.13 crore for determined sales in 2023-24.
January 03, 2025. By Aishwarya
These incentive claims are made on determined sales for the financial year 2024 and the claims have been approved by the government.
The government launched INR 25,938 crore output-linked incentive in 2021 to boost domestic manufacturing of advanced automotive technology (AAT) products and attract investments in the automotive manufacturing value chain. Incentives are applicable on the ‘determined sales value’ which is defined as the incremental eligible sales of a particular year over the base year.
Tata Motors has submitted an incentive claim of INR 142.13 crore for determined sales in 2023-24. The eligible sales of AAT products from Tata Motors include the Tiago EV, Starbus EV, and Ace EV, totaling INR 1,380.24 crore, as per the ministry.
M&M has submitted an incentive claim of INR 104.08 crore based on the determined sales value of AAT products totaling INR 800.59 crore for 2023-24. The eligible sales from M&M include electric three-wheelers including Treo, Treo Zor and Zor Grand, totalling INR 836.02 crore.
The total claims from Tata Motors and M&M have been examined and recommended by the Project Management Agency (PMA) and subsequently approved by the Ministry of Heavy Industries, according to the statement.
The PLI Auto scheme has two components – the Champion OEM incentive scheme for battery electric and hydrogen fuel cell vehicles in all segments, and the component champion incentive scheme for hi-tech and hi-value components. Under this scheme, incentives are offered ranging from 13 percent to 18 percent for components of electric vehicles and hydrogen fuel cells while other AAT products receive incentives between 8 percent and 13 percent.
Apart from Tata Motors and M&M, the government has given approval to 16 more companies including Maruti Suzuki, Toyota Kirloskar, Hyundai Motor India, Kia India, Piaggio, Eicher, Hero MotoCorp, Bajaj Auto and Ola Electric, to participate in the scheme under the Champion OEM category.
Under the Component Champion category, 67 companies, including Sona BLW Precision, Delphi-TVS Technologies, Bharat Forge, Bosch, Dana Ananda India, Lumax Auto, Minda Corp, Aptiv Components, Maruti Suzuki, Ceat, Hero Cycles, have got approval.
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