Mumbai, March 12: The electric two-wheeler market has seen a surge in companies entering the segment. Currently, six to seven major players dominate the market, while several smaller firms are also performing well. A significant factor contributing to this growth is the subsidies provided by the central government.
The main EV subsidy program, known as the PM E-DRIVE scheme, is set to continue until March 31, 2028. However, the subsidies for electric two-wheelers and three-wheelers will only be available until March 31, 2026. Therefore, potential buyers should act quickly to take advantage of these benefits.
Limited-Time Offers on Popular Models
– Revolt Motors RV400: Starting at ₹1.4 lakh
– ADMS DB: Starting at ₹1.33 lakh
– Ola Electric Roadster X+: ₹1.3 – 1.9 lakh
– Ather Energy Rizta: ₹75,999 – 1.61 lakh
– Honda PCX Electric: Starting at ₹1.45 lakh
– TVS iQube: ₹1.11 – 1.62 lakh
The PM E-DRIVE scheme, which has a budget of ₹10,900 crores, provides direct subsidies (up to ₹10,000 for e-2Ws, ₹50,000 for e-3Ws, and ₹35 lakh for e-buses). It also promotes rapid EV adoption through efficient e-voucher processing and significant investments in charging infrastructure. This initiative aims to enhance green public transport and support electric ambulances, contributing to India’s net-zero target by 2070.
Direct Financial Subsidy
For FY2024-25, the incentive for electric two-wheelers and three-wheelers is ₹5,000 per kWh, which will decrease to ₹2,500 per kWh in FY2025-26. E-buses will receive a subsidy of ₹10,000 per kWh, with maximum incentives varying based on bus size.
Boosting Sales and Charging Infrastructure
The scheme facilitates immediate and hassle-free claims for incentives through e-vouchers at dealer desks. Additionally, ₹2,000 crores have been allocated to enhance charging infrastructure, including 100% subsidies for government buildings and up to 100% for high-traffic areas.
Focus on Reducing Carbon Emissions
This initiative promotes a shift towards electric mobility to reduce carbon emissions and achieve energy independence. It also allocates ₹780 crores to upgrade testing agencies and improve safety standards for EVs, prioritizing advanced battery technology to ensure that only eligible, high-quality EVs receive incentives.
Discounts from Various Companies
Ather Energy and Ola Electric have announced discounts on their scooters for this month. Ather is offering up to ₹20,000 off on the Ather Rizta and 450 series, including a ₹10,000 credit card discount, ₹6,500 cash discount, and a ₹3,500 extended warranty. This initiative aims to make electric scooters more accessible to aspirational and young urban customers. Meanwhile, Ola is providing a ₹10,000 discount on its scooters.
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