Top auto cos get ₹2,000 crore PLI incentives

New Delhi: Incentives of around ₹2,000 crore have been disbursed to Tata Motors, Bajaj Auto, Mahindra & Mahindra, TVS Motor, and Ola Electric in FY26 for performance year FY25 under the PLI-Auto scheme, a top official said on Wednesday.Additional Secretary, Ministry of Heavy Industries, Hanif Qureshi, also said component makers Delphi-TVS, Bosch Automotive, Sona BLW, and Tata Autocomp would receive state incentives for the rest of the year.Under the PLI-Auto scheme, FY24 was the first performance year, and an amount of ₹322 crore was disbursed to four applicants in FY25.The Centre approved the scheme in September 2021, under which incentives are disbursed for meeting goals including incremental production, investment, and domestic value addition from FY24 onwards. Total investments made by companies under the scheme until September this year total ₹35,657 crore, against projections of ₹42,500 crore for five years. "Bulk investment has been made and now sales will pick up," Qureshi said. The scheme has a total budgetary outlay of ₹25,938 crore for a performance period of five years starting FY24.Meanwhile, the government may invoke the bank guarantees of 10 companies that have not made any investment under the scheme so far, he said. The government had approved 82 companies-vehicle and spare parts makers-that can claim incentives under the scheme. The ministry did not disclose the names of these companies.PM E-DriveUnder the PM Electric Drive Revolution in Innovation Vehicle Enhancement (PM E-DRIVE) scheme, 2.124 million vehicles have been sold, the ministry said.Electric vehicle penetration within the three-wheeler (L-5) segment is now estimated at 32%, it added.