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<ul><li>The central government has extended the 'Electric Mobility Promotion Scheme 2024 until September 30.</li><li>A statement by the ministry on Friday added that the total outlay of the scheme has been enhanced to ₹778 crore.</li><li>It was originally set to run from April 1 to July 31, 2024, with a total outlay of ₹500 crores.</li></ul> In a boost to electric vehicle (EV) sellers and those looking to purchase EVs, the central government on Friday extended the Electric Mobility Promotion Scheme 2024 (<keyword id="20952501" type="General" weightage="100" keywordseo="emps-2024" source="Orion">EMPS 2024</keyword>). The <keyword id="48070" type="General" weightage="20" keywordseo="emps" source="Orion">EMPS</keyword> 2024, which was launched by the Ministry of Heavy Industries on March 13, 2024, through a gazette notification was originally set to run from April 1st to July 31st, 2024. The scheme has now received a two-month extension and will continue till September 30, 2024. In addition to this extension, the government has also increased the outlay for this scheme from the initial ₹500 crore to ₹778 crore. <h2>What is EMPS 2024?</h2>The EMPS scheme replaced the earlier Faster Adoption and Manufacturing of Electric Vehicles in India (FAME) scheme. The EMPS scheme was a stop-gap measure after the end of the FAME-II scheme and was expected to be replaced by a new FAME-III scheme in the Budget 2024-25. However, as there was no consensus on a new scheme among the stakeholders, the government has decided to temporarily extend EMPS 2024 while a new FAME scheme is announced. Under the EMPS 2024 scheme, customers can avail a subsidy of up to ₹10,000 for two-wheeler EVs, up to ₹25,000 for a small three-wheeler EV, and up to ₹50,000 for large three-wheeler EVs. The ministry added that the scheme now targets supporting 560,789 electric vehicles, comprising 500,080 electric two-wheelers and 60,709 electric three-wheelers. The subsidy under the EMPS 2024 scheme will only be available for EVs equipped with advanced batteries. Additionally, to promote domestic production, the government has also put in place a Phased Manufacturing Programme (PMP). With inputs from agencies. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/apple-to-manufacture-iphone-16-pro-models-in-india-soon-after-launch/articleshow/112045172.cms">Apple to manufacture iPhone 16 Pro models in India soon after launch</a> <a href="https://www.businessinsider.in/tech/mobile/news/pixel-9-series-design-and-specs-revealed-ahead-of-launch-next-month/articleshow/112039063.cms">Pixel 9 series design and specs revealed ahead of launch next month</a> <a href="https://www.businessinsider.in/stock-market/webstories/akums-drugs-ipo-opens-soon-price-band-to-risk-factors-all-you-need-to-know/slidelist/112033450.cms">Akums Drugs IPO opens soon – Price band to risk factors, all you need to know</a>

Government extends EV subsidy scheme till September 30, increases outlay

<ul class="summary-list"><li>Iranian operatives recently claimed they given Hezbollah militants an EMP weapon.</li><li>A powerful EMP, as Iran claims, could damage Israel's communications and power grid.</li></ul>Amid the tit-for-tat <a target="_blank" href="https://www.businessinsider.com/wider-war-hezbollah-could-unleash-unprecedented-missile-barrage-against-israel-2024-7">shelling</a> and threat-trading across the Israel-Lebanon border, one recently leveled menace stands out — that Hezbollah has a weapon capable of knocking out Israel's electrical grid.Reports have circulated among Arab media that Iran has given the Lebanese militant group it arms and trains a category of weapons that could damage much more than military bases, a type of weapon known as an <a target="_blank" href="https://www.businessinsider.com/north-korea-emp-attack-us-danger-2018-4">electromagnetic pulse weapon</a> or EMP. It could be real, or a bluff to get nuclear-armed Israel to think twice.Sources in the Quds Force — a part of Iran's <a target="_blank" href="https://www.businessinsider.com/iran-islamic-revolutionary-guard-corps-irgc-fleet-persian-gulf-2024-7">Islamic Revolutionary Guard Corps</a> — allegedly told Kuwaiti newspaper <a target="_blank" href="https://www-aljarida-com.translate.goog/article/69721?_x_tr_sl=auto&amp;_x_tr_tl=en&amp;_x_tr_hl=en-US">Al-Jarida</a> that "the Lebanese party now possesses bombs and missiles carrying explosive 'electromagnetic' warheads."The source said that "the bombs delivered to the party [Hezbollah] could be launched from fixed launchers, and some of them could be carried by drones to reach any point deep inside Israel." These weapons "could destroy all communications systems, including the electrical infrastructure, and thus halt all electronic systems that Israel relies on to coordinate its radars, aircraft, and forces in general."Nor would Israel's allies be immune should Israel attack Lebanon. The Americans, British and "and everyone who might try to cover up Israel's inability" would be targeted. The story was quickly picked up by <a target="_blank" href="https://www.jns.org/iran-supplied-hezbollah-with-electromagnetic-pulse-weapons/">Israeli media</a>.Assessing the credibility of the Iranian EMP threat is difficult. If oil is Iran's top export, then its number two export is bluster to the world about supposedly cutting-edge military capabilities, including a <a target="_blank" href="https://archive.is/i7iGj">"stealth fighter"</a> unveiled in both 2013 and 2017 that was likely neither stealthy nor flyable. One reason for the posturing is to conceal the fact that Iran's conventional military equipment, such as jets, tanks and anti-aircraft missiles, are decrepit Cold War-era systems that would be hopelessly overmatched by US, Israeli and European weapons.However, Iran has spent years investing in the development of <a target="_blank" href="https://www.iranwatch.org/our-publications/weapon-program-background-report/history-irans-nuclear-program">nuclear weapons</a> (whether research has stopped as Iran claims, or continues as Israel and some Americans claim, is a matter of contentious debate). It has demonstrated genuine capabilities in developing a variety of ballistic missiles and drones, with Tehran exporting its <a target="_blank" href="https://www.businessinsider.com/russia-iran-new-drone-may-cause-issues-ukraine-air-defenses-2024-1">Shahed-136 attack drone</a> to Russia. All of which suggests that Iran has the means to hit Israel and Europe, but it doesn't tell us whether the EMP warheads themselves exist.Or, what kind of EMP weapons they would be. When <a target="_blank" href="https://www.businessinsider.com/nukes-electromagnetic-pulse-electronics-2017-5">electromagnetic pulse weapons</a> are mentioned in the news, or in apocalyptic movies and novels, they tend to be of the nuclear kind, generated either as a byproduct of nuclear weapons aimed at targets such as cities, or deliberately detonating nuclear weapons in space to generate EMP effects. Either way, the result would be the total disruption of the modern lifestyle as the spreading pulse fries circuits in the electrical grid, damages communications and other satellites, and disrupts global cell phone and GPS service.However, there are also non-nuclear EMP weapons (NNEMP), devices that can be carried in a suitcase or a missile's warhead, and that use explosives or high-power microwave emitters to generate a destructive pulse is similar that of a nuclear weapon, "except less energetic and of much shorter radius," explained the US government's EMP Task Force on National and Homeland Security in a 2021 <a target="_blank" href="https://emptaskforce.us/wp-content/uploads/2021/06/REPORTnnempTHREAT21A.pdf">report</a>."NNEMP weapons can be built relatively inexpensively using commercially available parts and design information available on the internet. EMP simulators that can be carried and operated by one man, and used as an NNEMP weapon, are available commercially." Nuclear EMP pulses can travel hundreds of miles depending on their altitude of detonation, while NNEMP devices only have ranges of about 5 miles.<div type="image" title="In this Sunday, Oct. 9, 2016 photo, Hezbollah fighters stand atop a car mounted with a mock rocket, as they parade during a rally to mark the seventh day of Ashoura, in the southern village of Seksakiyeh, Lebanon." height="2450" width="3500" msid="113166693" hostid="261" sizebytes="320852"></div>Iran does have a nuclear program, and probably could build a nuclear EMP weapon if it wanted to. The 2015 <a target="_blank" href="https://www.cfr.org/backgrounder/what-iran-nuclear-deal">nuclear deal</a> Iran's nuclear weapons program in return for lifted sanctions. But the Trump administration <a target="_blank" href="https://www.businessinsider.com/iran-nuclear-deal-explained">withdrew from the agreement</a> amid fears that the Joint Comprehensive Plan of Action agreement failed to address other issues, such as Iranian ballistic missiles and support for terrorism, and that Iran could have still covertly develop nuclear weapons. Since then, Iran has periodically <a target="_blank" href="https://www.armscontrol.org/act/2024-02/news/iran-accelerates-highly-enriched-uranium-production">enriched</a> its uranium stockpile, a necessary step in building nuclear weapons.However, an Iranian nuclear device — whether intended solely for EMP effects or not — could trigger a host of consequences, especially by inducing Israel to make good on its threat to launch a strike against Iranian nuclear facilities (and with American forces joining in, Jerusalem hopes). But a non-nuclear EMP weapon might enable Iran to sidestep any red lines."I think it is reasonable to assume that Iran has looked at these types of weapons, either through their own proliferation efforts or through their growing linkages and relationships with Russia, China and North Korea," retired Gen. Joseph Votel, former head of US Central Command, told Business Insider."I do believe they would look at EMP as a weapon that could be employed in 'gray zone' activities below the level of open conflict," said Votel, now a senior fellow at the Middle East Institute, a Washington-based think tank. "Especially if it could be employed with more targeted results, like knocking out electronics in a specific geographic area."But this raises another question: would Iran give <a target="_blank" class="" href="https://www.businessinsider.com/hezbollah-has-the-weapons-to-carry-out-threat-against-cyprus-2024-6">EMP weapons to Hezbollah</a>, its most important proxy? "Of all members of the so-called Axis of Resistance, Hezbollah would be a likely candidate to receive these types of weapons," Votel said. "But I have not seen any evidence that this is the case. Like most special capabilities, there is a level of training and sophistication that must accompany its deployment."Given the small size of Israel — about the size of New Jersey — it wouldn't take that many EMP devices to cause serious harm. At the least, a few non-nuclear EMP bombs over Northern Israel would hamper Israeli military and civil communications and facilitate a surprise Hezbollah attack. A large-scale attack, by contrast, could trigger enough outages to dent Israel's half-trillion-dollar annual economy.But this would also run the risk that Israel would treat it as an attack by weapons of mass destruction, similar to a nuclear or chemical weapons strike. Israel is believed to have almost 100 nuclear weapons, and Hezbollah EMP weapons could be viewed as a WMD strike by Iran, which already launched hundreds of missiles and drones at Israel in an April 2024 attack. It's also possible that Israel would reply in kind with its own EMP strikes that blackout southern Lebanon or even Beirut.The common denominator of Iranian security policy is to use proxies like Hezbollah to expand Iran's influence and undermine its enemies, but without triggering an attack on the Iranian homeland. Giving EMP weapons to Hezbollah would risk the possibility that Israel and other nations would hold Iran responsible.Michael Peck is a defense writer whose work has appeared in Forbes, Defense News, Foreign Policy magazine, and other publications. He holds an MA in political science from Rutgers Univ. Follow him on <a target="_blank" href="https://www.twitter.com/@mipeck1">Twitter</a> and <a target="_blank" href="https://www.linkedin.com/in/mipeck/">LinkedIn</a>.

Iran wants Israelis to worry that Hezbollah has a rare and powerful EMP weapon 

<ul><li>The <keyword id="22203694" type="General" weightage="20" keywordseo="Indian-electric-two-wheeler-market" source="keywords">Indian electric two-wheeler market</keyword> crossed the 1 lakh sales mark after four months.</li><li><keyword id="19897349" type="General" weightage="20" keywordseo="Ola-Electric" source="keywords" meta.keywordsubtype="org" meta.entityname="Ola Electric" meta.hostid="261" meta.entityid="Ola Electric">Ola Electric</keyword> has emerged as the market leader with a market share of nearly 40%.</li><li>The Indian government recently extended <keyword id="48070" type="General" weightage="20" keywordseo="emps" source="Orion">EMPS</keyword> till September 2024.</li></ul> The Indian electric two-wheeler market is finally recovering after months of<a href="https://www.businessinsider.in/business/auto/news/electric-two-wheeler-sales-crater-in-april-2024-as-prices-increase-amid-reduced-subsidies/articleshow/109806054.cms"> subdued sales</a> after the reduction in <keyword id="21004406" type="General" weightage="20" keywordseo="FAME-subsidy" source="keywords">FAME subsidy</keyword>. The FAME subsidy scheme was replaced by the Electric Mobility Promotion Scheme (EMPS) 2024, which was been<a href="https://www.businessinsider.in/business/auto/news/government-extends-ev-subsidy-scheme-till-september-30-increases-outlay/articleshow/112062360.cms"> extended</a> till September 30, 2024. In the month of July 2024, 1,06,949 electric scooters were sold in India, up from 54,616 electric scooters sold in July 2023, recording a 96% year-on-year increase. <div type="Article" hostid="261" msid="112062360" title="Government extends EV subsidy scheme till September 30, increases outlay" mstype="2" mssubtype="0"></div> This is also significantly higher from June 2024, when 79,868 electric scooters were sold in the country. The electric scooter sales have crossed the 1 lakh mark for the first time in the last four months. <h2>Ola Electric leads the market</h2>Ola Electric, which is currently raising funds through an<a href="https://www.businessinsider.in/stock-market/webstories/ola-electric-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112185870.cms"> initial public offering </a> (IPO) continues to lead the Indian electric two wheeler market with a share of nearly 40%. The company recorded sales of 41,597 electric scooters in July 2024, up from 19,406 scooters sold in July 2023, recording a 114% year-on-year increase in sales. With this, the company recorded a market share of 39%. <h2><keyword id="46156" type="General" weightage="20" keywordseo="tvs-motor" source="Orion">TVS Motor</keyword> emerges a distant second</h2>TVS Motor has emerged a distant second, selling 19,471 electric scooters in July 2024, up from 10,398 scooters sold in July 2023, recording an increase of 87%. With this, the company commanded a market share of 18% in July 2024. Bajaj Auto is next, having sold 17,642 scooters in July 2024, up from 4,128 electric scooters sold in July 2023, recording a 327% year-on-year increase. The company has a 16% market share. Ather Energy, which recently launched the<a href="https://www.businessinsider.in/business/auto/news/ather-rizta-electric-scooter-launched-in-india-starting-at-rs-109999/articleshow/109128809.cms"> Rizta</a>, the company’s first electric scooter has been pushed to the fourth spot, with 10,080 scooters sold in July 2024, recording a year-on-year increase of 51%. The company has a 9% market share. Next is Hero MotoCorp, which sold 5,044 electric scooters in July 2024, up from 990 units sold in July 2023, recording a 410% growth. The company recorded a 5% market share. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/indian-stock-market-from-us-recession-fears-to-tensions-in-the-middle-east-heres-why-the-markets-are-falling/articleshow/112281946.cms">Indian stock market – From US recession fears to tensions in the Middle East, here’s why the markets are falling</a> <a href="https://www.businessinsider.in/stock-market/webstories/brainbees-solutions-firstcry-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112278766.cms">Brainbees Solutions (Firstcry) IPO – Price band to risk factors, all you need to know</a> <a href="https://www.businessinsider.in/business/auto/news/maruti-suzuki-tata-motors-hyundai-and-other-automakers-report-a-decline-in-sales-in-july-2024/articleshow/112226500.cms">Maruti Suzuki, Tata Motors, Hyundai and other automakers report a decline in sales in July 2024</a>

Electric two-wheeler sales cross the 1 lakh mark after four months, Ola Electric leads the market

Up to 3.72 lakh <keyword id="19895203" type="General" weightage="20" keywordseo="electric-vehicles" source="keywords">electric vehicles</keyword> will be supported under the four-month <keyword id="20961992" type="General" weightage="20" keywordseo="Electric-Mobility-Promotion-Scheme" source="keywords">Electric Mobility Promotion Scheme</keyword> (<keyword id="20951149" type="General" weightage="100" keywordseo="EMPS" source="keywords">EMPS</keyword>) being implemented between April and July with an outlay of Rs 493.55 crore, the government said on Tuesday. Electric Mobility Promotion Scheme (EMPS) - 2024 will provide further impetus to the <keyword id="20156633" type="General" weightage="20" keywordseo="green-mobility" source="keywords">green mobility</keyword> and development of electric vehicle (EV) <keyword id="20071405" type="General" weightage="20" keywordseo="manufacturing-ecosystem" source="keywords">manufacturing ecosystem</keyword> in the country. The maximum number of electric vehicles to be supported under the scheme stands at 3,72,215, including 3,33,387 electric <keyword id="20201345" type="General" weightage="20" keywordseo="two-wheelers" source="keywords">two-wheelers</keyword>, 13,590 e-rickshaws or e-carts and 25,238 electric three-wheelers in the L5 category, according to figures shared by the <keyword id="20021346" type="General" weightage="20" keywordseo="Ministry-of-Heavy-Industries" source="keywords" meta.keywordsubtype="org" meta.entityname="Ministry of Heavy Industries" meta.hostid="261" meta.entityid="Ministry of Heavy Industries">Ministry of Heavy Industries</keyword>. "EMPS 2024 is fund limited, with restricted number of vehicles and a term-limited Scheme, i.e., the <keyword id="19977665" type="General" weightage="20" keywordseo="subsidies" source="keywords">subsidies</keyword> for <keyword id="22519910" type="General" weightage="20" keywordseo="demand-incentive" source="keywords">demand incentive</keyword> are eligible for e-2w and e-3w sold and registered until the funds are available or the number of vehicles supported reaches the maximum number defined category-wise (shown in para above) or until July 31, 2024, whichever comes first," the ministry stated.

Electric Mobility Promotion Scheme to support up to 3.72 lakh EVs: Govt

<ul><li>The Indian electric two-wheeler industry has reported a significant decline in sales.</li><li>The decline comes amid an increase in prices due to the end of the FAME <keyword id="20415717" type="General" weightage="20" keywordseo="subsidy-scheme" source="keywords">subsidy scheme</keyword>.</li><li><keyword id="19897349" type="General" weightage="20" keywordseo="Ola-Electric" source="keywords" meta.keywordsubtype="org" meta.entityname="Ola Electric" meta.hostid="261" meta.entityid="Ola Electric">Ola Electric</keyword> has emerged as the market leader with over 50% market share.</li></ul> The sales of electric two-wheelers have come crashing down just a month after<a href="https://www.businessinsider.in/business/auto/news/indias-electric-two-wheeler-industry-records-highest-ever-monthly-sales-as-fame-subsidy-ends/articleshow/109030516.cms"> recording</a> the best-ever monthly sales numbers in March 2024. This comes amid the end of the <keyword id="21004406" type="General" weightage="20" keywordseo="FAME-subsidy" source="keywords">FAME subsidy</keyword> scheme which has resulted in an<a href="https://www.businessinsider.in/business/auto/news/electric-scooters-get-a-price-hike-of-up-to-16000-as-fame-subsidy-ends/slidelist/109136771.cms"> increase in prices</a> of electric scooters. While the boost in sales in March 2024 was fueled by an expected increase in prices and push by companies to sell more scooters before the end of FY, the significant decline might be a concern for EV makers. <cmsannotation type="cmsannotation" annotationid="Ola Electric grabs over 50% market share" comment="subhead" text="Ola Electric grabs over 50% market share">Ola Electric grabs over 50% market share</cmsannotation> Bhavish Aggarwal-led Ola Electric, which did not announce a price hike despite the reduction in subsidy recorded its highest ever market share at 51%. Ola Electric sold 33,062 vehicles in April 2024, up from 21,882 scooters sold in April 2023. While this is significantly lower than the 50,545 vehicles it sold in March 2024. The company sold 3,26,428 vehicles in FY24 with a market share of 35%. <cmsannotation type="cmsannotation" annotationid="TVS Motor comes in second but takes a big hit" comment="subhead" text="TVS Motor comes in second but takes a big hit"><keyword id="19938730" type="General" weightage="20" keywordseo="TVS-Motor" source="keywords" meta.keywordsubtype="org" meta.entityname="TVS Motor" meta.hostid="261" meta.entityid="TVS Motor">TVS Motor</keyword> comes in second but takes a big hit</cmsannotation> TVS Motor continued to occupy the second position with 7,653 vehicles sold in April 2024, down from 8,728 vehicles sold in April 2023. The company had increased the prices of its electric scooters by up to ₹6,000 with the end of the FAME subsidy. The company had recorded its best-ever monthly sales of 26,478 vehicles in March 2024. The company sold 1,82,933 electric two-wheelers in FY24 and recorded a market share of 20%. <cmsannotation type="cmsannotation" annotationid="Bajaj Auto takes the third position" comment="subhead" text="Bajaj Auto takes the third position"><keyword id="19897354" type="General" weightage="20" keywordseo="Bajaj-Auto" source="keywords" meta.keywordsubtype="org" meta.entityname="Bajaj Auto" meta.hostid="261" meta.entityid="Bajaj Auto">Bajaj Auto</keyword> takes the third position</cmsannotation> Bajaj Auto has taken over the third position from <keyword id="19938729" type="General" weightage="20" keywordseo="Ather-Energy" source="keywords" meta.keywordsubtype="org" meta.entityname="Ather Energy" meta.hostid="261" meta.entityid="Ather Energy">Ather Energy</keyword>, recording sales of 7,515 vehicles in April 2024, up from 4,014 vehicles sold in April 2023. The company had announced a price hike of up to ₹12,000 after the end of the FAME subsidy scheme. In March 2024, the company sold 17,933 scooters, taking the total number of scooters sold in FY24 to 1,06,431. <cmsannotation type="cmsannotation" annotationid="Ather Energy takes a big hit" comment="subhead" text="Ather Energy takes a big hit">Ather Energy takes a big hit</cmsannotation> Ather Energy sold 4,052 vehicles in April 2024, down from 7,746 vehicles sold in April 2023. The company’s month-on-month performance also took a hit due as it increased the prices of its scooters by up to ₹16,000. The company had sold 17,221 vehicles in March 2024, registering its best-ever monthly numbers. The company sold 1,08,870 vehicles in FY24 and recorded a 12% market share. <cmsannotation type="cmsannotation" annotationid="EMPS replaces the FAME subsidy scheme" comment="subhead" text="EMPS replaces the FAME subsidy scheme">EMPS replaces the FAME subsidy scheme</cmsannotation> The popular FAME subsidy scheme, which offered subsidies to electric vehicles to boost their adoption has come to an end. This has been replaced by the new Electric Mobility Promotion Scheme (EMPS) 2024, which was announced during the<a href="https://www.businessinsider.in/finance/news/interim-budget-2024-speech-updates-and-highlights/articleshow/107313296.cms"> interim budget</a> in February and is valid for four months from April 2024. The EMPS 2024 scheme, which kicked off on April 1, 2024, is valid till July 31, 2024. As part of the scheme, the subsidy on electric two-wheelers has been set at ₹5,000 per kilowatt-hour of battery capacity with a capping of ₹10,000 per vehicle. This is lower than what was earlier offered with the FAME scheme. SEE ALSO: <a href="https://www.businessinsider.in/sports/webstories/t20-world-cup-here-are-the-squads-announced-by-major-participating-countries-so-far/slidelist/109787165.cms">T20 World Cup: Here are the squads announced by major participating countries so far</a> <a href="https://www.businessinsider.in/business/auto/news/april-auto-sales-hyundai-continues-to-hold-the-second-position-as-tata-motors-inches-closer/articleshow/109777834.cms">April auto sales – Hyundai continues to hold the second position as Tata Motors inches closer</a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-may-2024/slidelist/109723620.cms">Upcoming cars and two-wheelers launching in India in May 2024</a>

Electric two-wheeler sales crater in April 2024 as prices increase amid reduced subsidies

<ul><li>The <keyword id="23136597" type="General" weightage="20" keywordseo="PM-E-DRIVE" source="keywords">PM E-DRIVE</keyword> scheme, aimed at boosting the adoption of <keyword id="19895203" type="General" weightage="20" keywordseo="electric-vehicles" source="keywords">electric vehicles</keyword> has been notified.</li><li>The scheme comes into force from October 1, 2024 and will end on March 31, 2026.</li><li>The scheme has an outlay of ₹10,900 crore, spread over two years.</li></ul>Prime Minister Narendra Modi-led central government has notified a new scheme aimed at boosting the adoption of electric vehicles (EVs). The scheme, dubbed as PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) comes with an outlay of ₹10,900 crore. The PM E-DRIVE scheme will be implemented from tomorrow, October 1, 2024, and will be in force till March 31, 2026. The total outlay of ₹10,900 crore is spread over two years, with ₹5,047 crore allocated for FY 2024-25 and ₹5,853 crore for FY 2025-26. The scheme is aimed at accelerating the adoption of EVs in the country, with a focus on electric two-wheelers, electric three-wheelers (e-3Ws) and more. The scheme will also offer grants for the creation of capital assets such as electric buses, the establishment of a network of charging stations and the upgradation of testing agencies identified under this scheme. <div type="Article" hostid="261" msid="113050150" title="Electric two-wheeler sales declined in August 2024, but year-on-year growth continues" mstype="2" mssubtype="0"></div> The PM E-DRIVE Scheme has replaced the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles in India (FAME-II) scheme. Launched in 2015, the FAME-I scheme had an initial outlay of ₹795 crore, which was later extended to ₹895 crore. The government introduced the FAME-II scheme in 2019 with a budget of ₹10,000 crore, which was later enhanced to ₹11,500 crore to extend its support for electric vehicles until March 2024. Following this, the <a href="https://www.businessinsider.in/business/auto/news/government-extends-ev-subsidy-scheme-till-september-30-increases-outlay/articleshow/112062360.cms">Electric Mobility Promotion Scheme 2024</a> (EMPS-2024) was rolled out with a fund allocation of ₹778 crore from April 1, 2024, to September 30, 2024. The PM E-DRIVE subsumes the ongoing EMPS-2024 scheme. A major focus of the scheme is providing demand incentives to lower the acquisition cost of EVs for consumers. For FY 2024-25, the scheme proposes a demand incentive of ₹5,000 per kWh for e-2Ws and e-3Ws, which will be reduced to ₹2,500 per kWh in FY 2025-26. A major part of the outlay, around ₹8,070 crore has been earmarked for EVs. This includes ₹4,391 crore for electric buses and ₹1,772 crore for electric two-wheelers. As part of the scheme, the central government aims to support the purchase of over 14,000 e-buses, establish 2,000 charging stations, and upgrade EV testing facilities across the country. A total of ₹7,171 crore has been allocated for capital asset creation. The scheme encourages states to provide supplemental support through fiscal and non-fiscal incentives. With inputs from ANI. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-launching-in-india-in-october-2024/slidelist/113809612.cms">Upcoming cars launching in India in October 2024</a> <a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-october-2024/slidelist/113804125.cms">Upcoming smartphones launching in India in October 2024</a> <a href="https://www.businessinsider.in/stock-market/news/krn-heat-exchanger-ipo-allotment-check-allotment-status-gmp-listing-date-and-more/articleshow/113801258.cms">KRN Heat Exchanger IPO allotment – Check allotment status, GMP, listing date and more</a>

PM E-DRIVE scheme with ₹10,900 crore outlay announced for electric vehicles

<keyword id="19963112" type="General" weightage="20" keywordseo="Electric-vehicle-sales" source="keywords">Electric vehicle sales</keyword> registered a 55.2 per cent on-year growth at 1,79,038 units in July driven by a massive 96 per cent jump in e-two-wheeler sales, automobile dealers' body <keyword id="20108734" type="General" weightage="20" keywordseo="FADA" source="keywords">FADA</keyword> said on Tuesday. The total <keyword id="6354973" type="General" weightage="20" keywordseo="electric-vehicles" source="Orion">electric vehicles</keyword> sales for July 2023 were at 1,16,221 units, according to the monthly sales data from Federation of Automobile Dealers' Association (FADA). The electric two-wheelers sales during the previous month stood at 1,07,016 units, up 95.94 per cent, from 54,616 units sold in July last year, while the electric three-wheeler sales grew 18.18 per cent at 63,667 units, from 58,873 units year earlier, as per FADA. The commercial vehicle sales during the reporting month was also on an upward trajectory, growing two-fold on a year-on-year basis to 816 units, from 364 commercial vehicles sold in July 2023, it stated. Passenger vehicles, however, declined 2.92 per cent at 7,541 units in July, as against 7,768 units in the same month of last year, as per data. "The rising market share in the 2W and 3W <keyword id="22689146" type="General" weightage="20" keywordseo="EV-segments" source="keywords">EV segments</keyword> for July 2024, with YoY growth rates of 95.94 per cent and 18.18 per cent respectively, and a market share of 7.4 per cent and 57.6 per cent, respectively for the month, is a clear indication of the growing acceptance and demand for electric vehicles in India," FADA President Manish Raj Singhania said. The PV segment, while showing a marginal year-on-year decline of 2.92 per cent, maintains a market share of 2.4 per cent, Singhania said, adding that the CV segment has shown remarkable growth with a year-on-year increase of 124.2 per cent and a current (July) market share of 1.02 per cent. The combination of attractive discounts and the anticipation of the discontinuation of the EMPS (Electric Mobility Promotion Scheme), despite its extension, has significantly boosted sales, he said. Announced by the Ministry of Heavy Industries in March, for a four months period-April 1,2024 to July 31,2024 to boost the adoption of EVs across the country with a total outlay of Rs 500 crore, the EMP scheme has now been extended by September 30, while the scheme's outlay has also been increased to Rs 778 crore. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/unicommerce-esolutions-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112307438.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/unicommerce-esolutions-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112307438.cms" target="_blank">Unicommerce eSolutions IPO – Price band to risk factors, all you need to know</a> <a href="https://www.businessinsider.in/business/auto/news/electric-two-wheeler-sales-cross-the-1-lakh-mark-after-four-months-ola-electric-leads-the-market/articleshow/112288793.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/electric-two-wheeler-sales-cross-the-1-lakh-mark-after-four-months-ola-electric-leads-the-market/articleshow/112288793.cms" target="_blank">Electric two-wheeler sales cross the 1 lakh mark after four months, Ola Electric leads the market</a> <a href="https://www.businessinsider.in/sports/news/neeraj-chopras-paris-olympics-journey-to-begin-with-qualification-round-today-top-rivals-to-look-out-for/articleshow/112311760.cms">Neeraj Chopra qualifies for finals with a first throw of 89.34m – top rivals to look out for</a>

Electric vehicle sales rose 55.2% to 1.79 lakh units in July: FADA

<ul><li>The Indian electric two-wheeler industry recorded its best-ever month in March 2024.</li><li>The sales of electric two-wheelers reported a growth of over 60% year-on-year.</li><li>Ola Electric recorded its highest-ever sales in March 2024 and emerged as the leader in FY24.</li></ul> The Indian electric two-wheeler industry has reported its best-ever month in terms of sales in March 2024, crossing the 1 lakh mark for the second time. This comes as the FAME (Faster Adoption and Manufacturing of Electric and Hybrid Vehicles in India) subsidy ended at the end of the financial year. The electric two-wheeler industry recorded sales of 1,39,288 vehicles in March 2024, up from 86,358 vehicles sold in March 2023, marking over 61% year-on-year growth. In addition to companies offering year-end discounts to boost sales, this was also fuelled by the FAME subsidy scheme coming to an end in March 2024. <cmsannotation type="cmsannotation" annotationid="EMPS replaces the FAME Scheme" comment="subhead" text="EMPS replaces the FAME Scheme">EMPS replaces the FAME Scheme</cmsannotation> The popular FAME subsidy scheme, which offered subsidies to electric vehicles to boost their adoption has come to an end. This has been replaced by the new Electric Mobility Promotion Scheme (EMPS) 2024, which was announced during the<a href="https://www.businessinsider.in/finance/news/interim-budget-2024-speech-updates-and-highlights/articleshow/107313296.cms"> interim budget</a> in February and is valid for four months from April 2024. The EMPS 2024 scheme, which kicked off on April 1, 2024, is valid till July 31, 2024. As part of the scheme, the subsidy on electric two-wheelers has been set at INR 5,000 per kilowatt-hour of battery capacity with a capping of INR 10,000 per vehicle. This is lower than what was earlier offered with the FAME scheme. This has led to an increase in the prices of electric scooters and is something which the companies have been advertising for the last few weeks to push the sales before the FAME Scheme ends. <cmsannotation type="cmsannotation" annotationid="Ola Electric crosses the 50K mark" comment="subhead" text="Ola Electric crosses the 50K mark">Ola Electric crosses the 50K mark</cmsannotation> Ola Electric, which has been leading the electric two-wheeler segment in India for a while now recorded its highest-ever monthly sales at 50,545 vehicles, crossing the 50K mark for the first time. The company had sold 33,923 vehicles in February 2024. Coming to FY24, Ola Electric has ended the year with sales of 3,26,428 vehicles, becoming the first company to cross the 3-lakh mark. The company had sold 1,72,791 vehicles in FY23 and reported a growth of nearly 90%. The company currently commands a 35% market share in the Indian electric two-wheeler segment, up from its 24% market share in FY23. <cmsannotation type="cmsannotation" annotationid="TVS Motor comes in second" comment="subhead" text="TVS Motor comes in second">TVS Motor comes in second</cmsannotation> TVS Motor recorded its best-ever monthly sales of 26,478 vehicles in March 2024 to take its FY24 sales to 1,82,933 vehicles, up from 82,108 vehicles sold in FY23, recording a growth of over 122%. With this, the company commanded a market share of nearly 20% in FY24, up from 19.4% in FY23. <cmsannotation type="cmsannotation" annotationid="Ather Energy beats Bajaj Auto for the third position" comment="subhead" text="Ather Energy beats Bajaj Auto for the third position">Ather Energy beats Bajaj Auto for the third position</cmsannotation> Ather Energy, which has been facing tough competition from TVS Motor and Bajaj Auto has emerged as the third biggest player in FY24 with sales of 1,08,870 vehicles, up from 76,939 vehicles in FY23, registering a growth of over 40%. The company recorded a market share of 12% in FY24, up from 10.6% in FY23. However, the company lost the third position to Bajaj Auto when it comes to March 2024 despite recording its highest-ever monthly sales. Ather sold 17,221 vehicles in March 2024. Ather is all set to launch the<a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-april-2024/slidelist/108869757.cms#slideid=108869815"> Rizta</a>, a family electric scooter at its community event on April 6 in Bengaluru. Rizta is expected to help the company take on the iQube and the Chetak. <cmsannotation type="cmsannotation" annotationid="Bajaj Auto takes the fourth position" comment="subhead" text="Bajaj Auto takes the fourth position">Bajaj Auto takes the fourth position</cmsannotation> Bajaj Auto, which sells the Chetak electric scooter has emerged as the fourth biggest player in FY24. The company sold 1,06,431 scooters in FY24, up from 28,357 scooters in FY23, clocking a growth of 275%, the highest in the industry. With this, the company commanded a market share of 11.3% in FY24, up from 4% in FY23. The company sold 17,933 scooters in March 2023, putting it slightly ahead of Ather Energy for the sixth consecutive month. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/hyundai-retakes-the-second-spot-from-tata-motors-records-its-highest-ever-sales/articleshow/108962655.cms">Hyundai retakes the second spot from Tata Motors, records its highest-ever sales</a> <a href="https://www.businessinsider.in/tech/news/hp-omen-transcend-14-review/articleshow/108980896.cms">HP Omen Transcend 14 review – a feature-packed, lightweight gaming laptop with excellent display</a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-april-2024/slidelist/108869757.cms">Upcoming cars and two-wheelers launching in India in April 2024</a>

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Government extends EV subsidy scheme till September 30, increases outlay

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Iran wants Israelis to worry that Hezbollah has a rare and powerful EMP weapon

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Electric two-wheeler sales cross the 1 lakh mark after four months, Ola Electric leads the market

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Electric Mobility Promotion Scheme to support up to 3.72 lakh EVs: Govt

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Electric two-wheeler sales crater in April 2024 as prices increase amid reduced subsidies

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PM E-DRIVE scheme with ₹10,900 crore outlay announced for electric vehicles

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Electric vehicle sales rose 55.2% to 1.79 lakh units in July: FADA

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India’s electric two-wheeler industry records highest-ever monthly sales as FAME subsidy ends

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