Subsidies on cargo e3w extended but at reduced rate
electric three-wheelers (e-3w of L5 category) after ET reported they were stopped since PM E-DRIVE targets were achieved. According to officials aware of the move, subsidies for eligible e-3w (L5) sales in the country will now be available at a reduced rate of Rs 2,500 per KiloWatt (kW), capped at Rs 25,000 per unit.
This is half the original subsidy disbursed by the Ministry of Heavy Industries (MHI) to incentivise locally made e3w (L5) units.
A reduced subsidy will also be offered for electric two-wheelers (e2w) after PM E-DRIVE targets under this category for the current fiscal are expected to be achieved by February 2025 itself.
ET reported on Monday the centre may stop subsidising sale of new e-3w (L5) after PM E-Drive targets for this fiscal were met within weeks of the scheme launch. With this, electric two- and three-wheeler sales were close to saturating PM E-DRIVE goals for fiscal 2024-25. The PM E-DRIVE, like its predecessor Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme, is aimed at promoting sale of locally made units.
«The incentive which was earlier applicable for the 1,24,846 e-3Ws (L5) for financial year 2025-26 from April 2025, is now made available from November 8, 2024,» a senior official told ET.
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