Electric Ev scooters said that it has cut price of Ev’s by 33% following updated subsidy scheme from FAME II from government.
In response to the new amendments from Faster Adoption and Manufacturing of Electric vehicle (FAME II) policy in India, the company said it is passing on the cost benefit to customers.
The Optima ER will now be available at Rs 58,980 as compared to Rs 78,640 before, the company said.
Hero Electric CEO Sohinder Gill said, “The revision in subsidies on batteries and EVs overall under the FAME policy is just the move the industry needed to drive adoption of EV’s, “Having had one of the best years in terms of sales despite the pandemic last year is a testimony that the market is ripe for a major push towards shifting towards a cleaner mobility solution, he added.
Gill said Hero Electric has seen a significant spurt in the adoption of its ‘City Speed Series’ – High speed EV scooters – over the recent two years and with this extra subsidy, multi-fold increase in the sale of such models is expected.
“With such industry friendly moves from the policy makers, we expect the market to further touch 5-7 million units on road over the next 5 years,” he added.
In the recently modified FAME II scheme, earlier their was a incentive of Rs. 10000 per KWh and now this is increased to Rs. 15000 Per KWh.
Also, the government had increased the cap on incentive to 40 per cent of the cost of the electric two-wheeler as against 20 per cent earlier.