Green light for EV cos to claim subsidy under new scheme
Hero MotoCorp, Bajaj Auto, TVS, Ather Energy, Ola Electric Mobility, and Kinetic Green have received approvals to sell two-wheelers and claim subsidy under the newly unveiled Electric Mobility Promotion Scheme (EMPS), 2024.
According to government officials aware of the development, these prospective subsidies can be claimed for sales made in the upcoming four months.
The move is aimed at addressing any industry concerns about financial support going away after the second leg of Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India (FAME II) scheme that lapsed on March 31, 2024.
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The ministry of heavy industries had announced the Rs 500-crore EMPS 2024 last month.
«Certificates have been issued...,» said one of the officials, indicating that these entities will be eligible to claim subsidies.
An official statement said this is a fund-limited scheme for four months, from April 1 to July 31, 2024. It is for faster adoption of electric two-wheeler (E2W) and three-wheeler (E3W) to provide further impetus to the green mobility and development of electric vehicle (EV) manufacturing ecosystem in the country.
This new scheme aims to support 372,000 EVs. To encourage advanced technologies, the benefits of incentives will be extended to only those vehicles that are fitted with advanced batteries, an official statement said.
The move comes at a time when some EV companies are concerned about no subsidy
