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The <keyword id="20163832" type="General" weightage="20" keywordseo="society-of-indian-automobile" source="keywords">Society of Indian Automobile</keyword> Manufacturers (<keyword id="108827" type="General" weightage="20" keywordseo="siam" source="Orion">SIAM</keyword>) and big auto players have hailed the Cabinet decision of PM e-DRIVE schemes aimed at promoting electric mobility across the country. The Rs 10,900 crore scheme will support 2,479,000 electric 2-wheelers, 316,000 electric 3-wheelers and 14,028 electric buses, along with 88,500 <keyword id="186291" type="General" weightage="100" keywordseo="ev" source="Orion">EV</keyword> charging sites. Shailesh Chandra, President of <keyword id="108827" type="General" weightage="20" keywordseo="siam" source="Orion">SIAM</keyword> and Managing Director of Tata Motors Passenger Vehicles Ltd &amp; Tata Passenger Electric Mobility Ltd, expressed strong support for the government's forward-thinking initiative. Chandra said, "This forward-thinking initiative reflects the Government's unwavering support for <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>'s transition to electric mobility, fostering innovation and investment within the sector. We beli<keyword id="186291" type="General" weightage="100" keywordseo="ev" source="Orion">ev</keyword>e this scheme will not only enhance the growth of the EV ecosystem but also strengthen <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>'s leadership in the global movement towards environmental sustainability." Dr Anish Shah, Group CEO &amp; MD, Mahindra Group also commended government's efforts, specifically highlighting the comprehensive nature of the PM e-DRIVE scheme. Shah said, "We applause the government for launching the PM e-drive scheme. With continued focused support on 2Ws, 3Ws, e-buses and thoughtful addition of e-ambulances, the scheme will drive higher EV penetration in the country." M&amp;M noted that schemes like <keyword id="21028" type="General" weightage="20" keywordseo="fame" source="Orion">FAME</keyword> and <keyword id="48070" type="General" weightage="20" keywordseo="emps" source="Orion">EMPS</keyword> have already driven penetration of electric three-wheelers in India. "Investments laid out for fast charging infrastructure for all segments will help in increasing consumer confidence for faster adoption of EVs. <keyword id="21028" type="General" weightage="20" keywordseo="fame" source="Orion">FAME</keyword> and <keyword id="48070" type="General" weightage="20" keywordseo="emps" source="Orion">EMPS</keyword> have helped in 20 per cent e-3W penetration in the country. With PM e-drive, we foresee India becoming the first country to achieve 100 per cent electrification in this segment by 2030", he added. The Union Cabinet, on Wednesday, cleared the 'PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM e-DRIVE) Scheme,' with a total outlay of Rs 10,900 crore over two years. It includes Rs 3,679 crore in subsidies and demand incentives for e-2Ws, e-3Ws, e-ambulances, e-trucks, and other emerging electric vehicles. It is expected to support the deployment of 24.79 lakh e-2Ws, 3.16 lakh e-3Ws, and 14,028 e-buses, providing a significant push to India's EV ecosystem. A critical aspect of the scheme is the introduction of e-vouchers for EV buyers. At the time of purchase, an Aadhaar-authenticated e-voucher will be generated, which will enable buyers to avail of demand incentives. Additionally, the scheme allocates Rs 500 crore for the deployment of e-ambulances, marking a new initiative to integrate electric vehicles into essential public services. Another Rs 4,391 crore has been earmarked for the procurement of 14,028 e-buses, with a demand aggregation process led by CESL in nine major cities, including Delhi, Mumbai, and Bangalore. Intercity and interstate e-buses will also be supported in consultation with states. Furthermore, Rs 500 crore has been set aside to incentivize the adoption of e-trucks, a critical move given that trucks are one of the largest contributors to air pollution. The scheme encourages those with a scrapping certificate from <keyword id="19897457" type="General" weightage="20" keywordseo="ministry-of-road-transport" source="keywords">Ministry of Road Transport</keyword> and Highways-approved (MoRTH) vehicle scrapping centres to participate in this transition. With an allocation of Rs 2,000 crore, the scheme will support the installation of 22,100 fast chargers for four-wheelers, 1,800 fast chargers for e-buses, and 48,400 fast chargers for two- and three-wheelers. These chargers will be installed in cities with high EV penetration and along selected highways, making long-distance EV travel more viable.

Automobile industry hails PM e-DRIVE scheme to promote EVs

Electric two-wheeler makers <keyword id="108831" type="General" weightage="50" keywordseo="tvs-motor-company" source="Orion">TVS Motor Company</keyword>, Ather Energy and <keyword id="4393078" type="General" weightage="50" keywordseo="ola-electric" source="Orion">Ola Electric</keyword> have increased prices of their products as curtailed subsidy structure comes into effect from June 1. In a statement, TVS Motor Company stated that in order to propel the electrification journey further in a sustainable manner after <keyword id="21028" type="General" weightage="80" keywordseo="fame" source="Orion">FAME</keyword> II scheme revision, it has increased iQube's price between Rs 17,000 and Rs 22,000 depending on the variant. The iQube base and S trims were earlier priced at Rs 1,06,384 and Rs 1,16,886, respectively in Delhi. "FAME II will gradually reduce over the next few quarters. The company will continue to deliver delightful product options and great value proposition to propel the electrification and green energy penetration in two-wheelers in the country," TVS Motor Company Director and CEO K N Radhakrishnan said. The company will offer a loyalty benefit programme for the customers of iQube, who have made bookings till May 20, 2023, for a limited period to ease the cost burden post the revision in FAME II subsidy, he added. Ather Energy said that following the FAME II subsidy revision applicable from today, it has also revised the prices of its scooters with 450X now starting at Rs 1,45,000 (ex-showroom Bengaluru). The 450X with <keyword id="17580517" type="General" weightage="50" keywordseo="pro-pack" source="Orion">Pro Pack</keyword> now starts at Rs 1,65,435 in Bengaluru, an increase of around Rs 8,000. "The FAME II revision has resulted in a subsidy reduction of around Rs 32,000. However, the company is absorbing a huge chunk of this price impact for its customers with a view to quicken EV adoption in the country," Ather Energy Chief Business Officer <keyword id="13554227" type="General" weightage="50" keywordseo="ravneet-s-phokela" source="Orion">Ravneet S Phokela</keyword> stated. <keyword id="6354720" type="General" weightage="100" keywordseo="ola" source="Orion">Ola</keyword> said its electric scooter S1 Pro is now priced at Rs 1,39,999; S1 (3KWh) at Rs 1,29,999; and S1 Air (3KWh) at Rs 1,09,999. The product range is now roughly Rs 15,000 costlier than before. "With an unyielding dedication to customer satisfaction, we have marginally increased our product prices starting June, despite significant reduction in government subsidies, making Ola S1 the best EV proposition in India," Ola Electric Founder and CEO Bhavish Aggarwal said. In a statement, Hero Electric said that it will not increase the prices of its popular e-scooter models. The company said it remains dedicated to promoting the adoption of electric two-wheelers and dispelling misconceptions about their cost of ownership. "Despite the extreme financial crunch forced upon us due to subsidies stuck with Ministry of Heavy Industries for over 15 months, we will continue to do our bit in offering affordable mobility solutions to the discerning customers by holding on to our current prices till we can," said Hero Electric CEO Sohinder Gill. The Heavy Industries Ministry has notified that for electric two-wheelers, the demand incentive will be Rs 10,000 per kWh. The cap on incentives for electric two-wheelers will be 15 per cent of the ex-factory price of vehicles from 40 per cent at present. The Faster Adoption and Manufacturing of Electric and Hybrid Vehicles (FAME) India scheme commenced on April 1, 2019, for a period of three years, which was further extended for two years till March 31, 2024. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/royal-enfield-sales-rise-22-in-may-at-77461-units/articleshow/100679587.cms">Royal Enfield sales rise 22% in May at 77,461 units</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/ikio-lighting-sets-ipo-price-band-at-270-285/share/articleshow/100679971.cms">IKIO Lighting sets IPO price band at ₹270-285/share</a>

TVS, Ather, Ola hike prices of electric two-wheelers as new subsidy norms kick in

Industry players on Monday hailed the government's move to enhance the scheme outlay of Faster Adoption and Manufacturing of Electric Vehicles (<keyword id="19912965" type="General" weightage="20" keywordseo="fame" source="keywords">FAME</keyword>) <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> <keyword id="20527557" type="General" weightage="20" keywordseo="phase-ii" source="keywords">Phase II</keyword>, saying it will enhance infrastructure, foster widespread adoption and longevity of electric vehicles across the country. The Ministry of Heavy Industries announced that the scheme outlay of FAME India Phase II has been enhanced from Rs 10,000 crore to Rs 11,500 crore under FAME India scheme Phase II in order to give a further push to clean mobility in the country. The ministry also said that it is a "fund and term limited scheme", which means that the subsidies for demand incentive will be eligible for e-two-wheelers, e-three-wheelers, and e-four-wheelers sold till March 31, 2024 or till the time the funds are available, whichever is earlier. "We applaud the government's decision to enhance the FAME India Scheme Phase II outlay to Rs 11,500 crore. This timely boost in investment is a shot in the arm for the EV industry, accelerating its growth trajectory and paving the way for a cleaner, more sustainable future," VG Anil, CEO of EV battery manufacturer Arenq. The main objective of the scheme is to encourage faster adoption of electric and hybrid vehicles by way of offering upfront incentives on purchase of EV and also by establishing a necessary charging infrastructure for electric vehicles. "This Rs 1,500 crore boost sends a clear message: India is serious about electrifying its mobility landscape. Lower upfront costs for EVs, coupled with enhanced charging infrastructure, will incentivize riders to choose eco-friendly travel, accelerating the transition to a zero-emission future," Mayank Bindal, Founder and CEO, <keyword id="20078292" type="General" weightage="20" keywordseo="snap-e-cabs" source="keywords">Snap E Cabs</keyword>, told IANS. The number of EV charging stations that are operating in the country has gone up to 12,146 (as of February 2 this year), according to the government data. "The extension of FAME II until the end of March with a substantial outlay of 1,500 crore is a positive move," said <keyword id="20300065" type="General" weightage="20" keywordseo="avinash-sharma" source="keywords">Avinash Sharma</keyword>, Co-Founder of ElectricPe. "This not only strengthens consumer-side subsidies but also enhances infrastructure, fostering widespread adoption and longevity of electric vehicles across the country," Sharma added. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/wd-black-sn850x-ssd-review/articleshow/107557627.cms">WD Black SN850X SSD review – a reliable gaming SSD</a> <a href="https://www.businessinsider.in/tech/mobile/news/oneplus-open-review/articleshow/106961567.cms">OnePlus Open review – Feature-packed foldable in a premium design</a> <a href="https://www.businessinsider.in/tech/mobile/news/vivo-x100-review-top-end-camera-centric-smartphone-with-sleek-design/articleshow/106539033.cms">Vivo X100 review – Top-end camera centric smartphone with sleek design</a>

Industry hails extension of FAME II scheme to bolster EV infra

The Indian government will come out with a "<keyword id="1708150" type="General" weightage="60" keywordseo="payment-security-mechanism" source="Orion">payment security mechanism</keyword>" to support large-scale rollout of electric buses as it eyes a major transition towards green public transport across the country, <keyword id="184951" type="General" weightage="80" keywordseo="tarun-kapoor" source="Orion">Tarun Kapoor</keyword>, advisor to the Prime Minister at the <keyword id="6365387" type="General" weightage="50" keywordseo="pmo" source="Orion">PMO</keyword>, said on Thursday. He also emphasised on the need to bring down the cost of electric vehicles to accelerate their adoption. While the government will continue to provide subsidies like those being offered under the <keyword id="7723547" type="General" weightage="70" keywordseo="fame-ii-scheme" source="Orion">FAME-II scheme</keyword> because the price difference is huge and it has to be bridged, "we have to look at ways and means to bring down the price also, because government subsidy cannot be forever", he said, while addressing an <keyword id="1668995" type="General" weightage="20" keywordseo="assocham-conference" source="Orion">Assocham conference</keyword> on electric mobility here. Kapoor highlighted the need to be "a little more serious" in battery manufacturing "because we can't depend on imports". He said while China has taken the lead on lithium-ion batteries, India can catch up very fast and the government is looking at the entire ecosystem. He cited the example of the Mines and Minerals (Regulation and Amendment) Bill passed by Parliament in the ongoing session, which seeks to allow larger participation of the private sector in mineral exploration and production, including that of lithium. Kapoor said a "payment security mechanism" is being established after feedback was received about the difficulties in obtaining lending by financial companies. "Something major and very good is already planned and it will come out. So we should be able to roll out a large number of electric buses all over the country," he said.

New payment security mechanism to support large-scale e-bus rollout in the works

<ul><li>The sales of electric two-wheelers have taken a massive hit in June 2023.</li><li>This comes amid an increase in prices due to reduction of the subsidy offered under the <keyword id="21028" type="General" weightage="80" keywordseo="fame" source="Orion">FAME</keyword> India phase 2 scheme.</li><li>Top EV makers have reported a decline of up to 70% in sales in June.</li></ul> The Indian government’s decision to revamp the Faster Adoption and Manufacturing of Electric Vehicles (FAME) in India Phase 2 scheme by<a href="https://www.businessinsider.in/business/auto/news/electric-scooters-and-bikes-may-get-costlier-as-government-looks-to-revamp-the-fame-ii-scheme/articleshow/100321089.cms"> reducing</a> the subsidy prompted EV makers like <keyword id="6354720" type="General" weightage="80" keywordseo="ola" source="Orion">Ola</keyword>, TVS and Ather to significantly<a href="https://www.businessinsider.in/business/auto/news/tvs-ather-ola-hike-prices-of-electric-two-wheelers-as-new-subsidy-norms-kick-in/articleshow/100679993.cms"> increase</a> the prices of their electric two-wheelers. The increased prices have impacted the sales of electric two wheelers in the month of June as the revised prices came into effect from June 1. Let’s take a look at how the sales have declined for this segment. <cmsannotation type="cmsannotation" annotationid="June sales decline by up to 70%" comment="subhead" text="June sales decline by up to 70%">June sales decline by up to 70%</cmsannotation> All the major electric two-wheeler makers have reported a decline in sales in the month of June. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">June 2023 </td><td style="border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">May 2023 </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Change </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ola Electric </td><td style="border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">17,572 </td><td style="border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">28,629 </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">-38.62% </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">TVS Motor </td><td style="border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">7,791 </td><td style="border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">20,397 </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">-61.80% </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ather Energy </td><td style="border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">4,543 </td><td style="border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">15,407 </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">-70.51% </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Auto </td><td style="border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">2,966 </td><td style="border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">9,965 </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">-70.24% </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Okinawa Autotech </td><td style="border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">2,616 </td><td style="border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">2,907 </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">-10.01% </td></tr></tbody></table> Source: Vahan Ola Electric, whose sales have been on a steady increase over the past few months, sold 17,572 scooters in June, down from 28,629 units in May, a decline of 38.62%. The company had increased the prices of its electric scooters by up to ₹15,000 effective June 1. TVS Motor, the maker of the iQube electric scooters, reported sales of 7,791 scooters in June 2023, down from 20,397 in May. The company’s sales declined by 61.80%. The company increased its prices between ₹17,000 to ₹22,000. Up next is <keyword id="2622993" type="General" weightage="80" keywordseo="ather-energy" source="Orion">Ather Energy</keyword>, which is the worst-hit among the top 5 EV two-wheeler makers. The company sold 4,543 scooters in June, down from 15,407 a month earlier, a decline of 70.51%. The company had increased the prices of its electric scooters by up to ₹30,285. Bajaj Auto has also taken a big hit, with a decline of 70.24%. The company’s sales decreased from 9,965 in May to 2,966 in June. The company had raised the price of its scooters by ₹22,000. Okinawa has taken a 10% hit in sales, reporting sales of 2,616 units in June, down from 2,907 units in May. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/meta-is-giving-more-control-to-parents-over-their-childrens-activities-on-facebook-and-instagram/articleshow/101333395.cms">Meta is giving more control to parents over their children’s activities on Facebook and Instagram</a> <a href="https://www.businessinsider.in/tech/mobile/news/nothing-phone-2-pre-orders-to-begin-from-june-29-heres-how-to-book-yours/articleshow/101278663.cms">Nothing Phone (2) pre-orders to begin from June 29 – Here’s how to book yours</a> <a href="https://www.businessinsider.in/tech/mobile/news/smartphone-makers-urge-indian-government-to-reduce-input-tariffs-to-increase-competitiveness/articleshow/101272037.cms">Smartphone makers want India to take the fight to China and Vietnam further</a>

You Searched For "FAME subsidy" and got 5 results

Automobile industry hails PM e-DRIVE scheme to promote EVs

ANI

TVS, Ather, Ola hike prices of electric two-wheelers as new subsidy norms kick in

PTI

Industry hails extension of FAME II scheme to bolster EV infra

IANS

New payment security mechanism to support large-scale e-bus rollout in the works

PTI

No FAME, no gain? India’s electric two-wheeler sales decline after increase in prices

Sourabh Jain

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