Auto PLI Scheme: M&M, Eicher Motors, Hyundai Among 20 Firms Selected For Incentives
Companies selected for auto incentives have committed total investments worth Rs 45,016 crore.
![<div class="paragraphs"><p>Ford Motor Co. vehicles are parked at the Ford India Pvt. Maraimalai Nagar factory. [Photographer: Kuni Takahashi/Bloomberg]</p></div>](https://media.assettype.com/bloombergquint%2F2022-02%2F44d9950d-1e16-49c2-b537-0293b10179f0%2F228061978.jpg?rect=0%2C246%2C3000%2C1688&auto=format%2Ccompress&w=200)
India selected 20 automobile companies including Mahindra and Mahindra Ltd., Hyundai Motor India Ltd., Eicher Motor Ltd., Ford India Pvt. and Kia India Pvt. for incentives worth nearly Rs 26,000 crore to boost local manufacturing.
The selected companies have committed investments worth Rs 45,016 crore, according to a government statement. The incentives are available on local production and sales of advanced automotive technology products including vehicles and components for five years starting April 2022.
The PLI scheme for automobiles and auto components was notified in September 2021. The government received 115 applications, of which 10 were selected for passenger vehicles, four for two- and three-wheelers and six in the new non-automotive investor category.
The government is separately offering Rs 18,100-crore production-linked incentives for advanced chemistry cell manufacturing and tax breaks and other benefits worth Rs 10,000 crore to push electric mobility.
Companies selected under the auto PLI scheme:
Champion OEM
Ashok Leyland Ltd.
Eicher Motors Ltd.
Ford India Pvt. Ltd.
Hyundai Motor India Ltd.
Kia India Pvt. Ltd.
Mahindra & Mahindra Ltd.
Champion OEM 2W & 3W
PCA Automobiles India Pvt. Ltd.
Pinnacle Mobility Solutions Pvt. Ltd.
Suzuki Motor Gujarat Pvt. Ltd.
Tata Motors Ltd.
New Non-Automotive Investor (OEM)
Axis Clean Mobility Pvt. Ltd.
Booma Innovative Transport Solutions Pvt. Ltd.
Elest Private Ltd.
Hop Electric Manufacturing Pvt. Ltd.
Ola Electric Technologies Pvt. Ltd.
Powerhaul Vehicle Pvt. Ltd.
Scheme Details
The scheme has two components:
Champion OEM Incentives: For production of electric and hydrogen fuel cell vehicles of all segments.
Component Champion Incentives: For advanced automotive technology components of vehicles, completely knocked down or semi-knocked-down kits, vehicle aggregates of two-wheelers, three-wheelers, passenger vehicles and commercial vehicles and tractors.