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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

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

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<ul class="summary-list"><li>Famed short-seller Carson Block says he wouldn't bet against Elon Musk's Tesla.</li><li>The sheer size of the EV-maker gives it an very strong capital base that can weather turmoil, Block said.</li></ul>Carson Block, known for his shrewd short bets against companies, says he won't bet against <a target="_blank" href="https://markets.businessinsider.com/stocks/tsla-stock">Tesla</a>.The famed Muddy Waters investor said he came to the conclusion that shorting Tesla is a fool's errand in 2021, when he realized that the company's capital base is its safety net."What all the bears missed was … Elon understood that the scale he needed to have was capital base," Block told <a target="_blank" href="https://www.youtube.com/watch?v=LFU3ZNH6QfU">Bloomberg TV</a> on Monday. "And so when he was able to yoke that stock price way up and have this enormous market cap, I mean, even if the company is bleeding billions of dollars and the stock is sinking, there's so much market cap that he can continue to raise money."It's an about-face of sorts for Block, who said he'd bet against Tesla in the past. He told Bloomberg that several years ago his firm held long-dated puts on Tesla designed to capitalize on a share-price drop that nearly materialized."It's a volatile stock, but, you know, it continues to get flows," Block said. "Tesla's not going bankrupt for a very long time. And that's what the bears missed, because the bears were hung up on this, 'Oh, it bleeds money. It's going to go bankrupt.'"To this point, Tesla's financial health has been the subject of ceaseless investor scrutiny. It took until 2019 for the car manufacturer to <a target="_blank" href="https://www.businessinsider.com/tesla-profitable-all-quarters-future-elon-musk-earnings-2019-1">post its first consecutive quarterly profit</a>, and the years since haven't been altogether smooth: in 2024, the electric vehicle maker has continued <a target="_blank" href="https://www.businessinsider.com/tesla-loses-market-share-but-elon-musk-still-wins-2024-7">losing market share</a> to competitors amid <a target="_blank" href="https://www.businessinsider.com/tesla-elon-musk-demand-problem-inventory-advantage-2023-1?utm_medium=ingest&amp;utm_source=markets&amp;_gl=1*1t467qc*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTcyOTUyMjM3NS43NDkuMS4xNzI5NTI4NDA5LjYwLjAuMA..">slowing demand</a>, causing <a target="_blank" href="https://www.businessinsider.com/elon-musk-seemed-nervous-during-tesla-earnings-call-2024-7">free cash flow</a> and <a target="_blank" href="https://www.businessinsider.com/tesla-earnings#:~:text=Revenue%3A%20%2421.30%20billion%2C%20%2D8.7,y%2Fy%2C%20estimate%20%2422.3%20billion">revenue</a> figures to disappoint over the past few quarters.For some, that's made Tesla's lofty share <a target="_blank" href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-drop-outlook-growth-earnings-production-fsd-profits-2024-3#:~:text='Growth%20company%20with%20no%20growth,drop%2023%25%20in%20scathing%20downgrade&amp;text=Tesla%20is%20a%20%22growth%20company,price%20target%20for%20the%20shares.?utm_medium=ingest&amp;utm_source=markets">price difficult to justify</a>. Short-seller Per Lekander recently called it the "biggest stock market bubble in world history," and predicts that Tesla will eventually plunge around 93% to <a target="_blank" href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-prediction-crash-earnings-deliveries-outlook-bubble-tsla-2024-6">to $15</a> a share.But Block isn't sweating any of those elements, and thinks Musk will continue to surprise any doubters."Elon pulls rabbits out of the hat constantly," he said. "I just won't bet against Elon."

Why famed short-seller Carson Block won't bet against Tesla

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

With the 2024 general elections handing the <keyword id="19894848" type="General" weightage="20" keywordseo="BJP" source="keywords" meta.keywordsubtype="org" meta.entityname="BJP" meta.hostid="261" meta.entityid="BJP">BJP</keyword> and its allies a fractured, albeit ruling majority in the country for the third consecutive time, India is now gearing up for the 2024–25 <keyword id="19908389" type="General" weightage="20" keywordseo="Union-budget" source="keywords">Union budget</keyword>, which will be presented on July 22 between 11 am and 1 pm. The <keyword id="20613906" type="General" weightage="20" keywordseo="economic-survey" source="keywords">economic survey</keyword> is traditionally presented the day before. However, as per reports, the economic survey is likely to be released on July 3rd this year. The famous halwa ceremony will take place 10 days before the budget is tabled. Pre-budget consultations will begin on June 17th. FM <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> will become the first finance minister to have presented seven straight budgets, a record previously held by <keyword id="238033" type="General" weightage="20" keywordseo="Morarji-Desai" source="Orion">Morarji Desai</keyword>, who had six consecutive budget presentations to his name. To date, Sitharaman has tabled five full and one interim budget. The first parliamentary session under Modi 3.0 will kick off on June 24, and the 264th session of the parliament will take place between the 27th of June and the 3rd of August. The year is set to see two budgets: one full-fledged budget in July and an interim budget presented on February 1, 2024. <cmsannotation type="cmsannotation" annotationid="What can we expect from this budget?" comment="subhead" text="What can we expect from this budget?">What can we expect from this budget?</cmsannotation> Presenting an interim budget is customary during election years in India since it facilitates the transfer of work and finances between the outgoing and incoming governments. With the upcoming budget, PM Modi’s government will largely focus on tackling unemployment, issues in the agriculture sector, and maintaining the flow of capital expenditure in the economy. The simplification of the <keyword id="19993914" type="General" weightage="20" keywordseo="GST-regime" source="keywords">GST regime</keyword> and rolling out the 3rd edition of the <keyword id="20359761" type="General" weightage="20" keywordseo="FAME-scheme" source="keywords">FAME scheme</keyword> (Faster Adoption &amp; Manufacturing of Electric Vehicles) will also rank highly on the budget agenda. In that stead, a meeting of the GST council is also scheduled to take place on June 22nd. Additionally, experts are also anticipating the expansion of the PLI (production-linked incentives) schemes in this budget to include other sectors as well. <cmsannotation type="cmsannotation" annotationid="Lesser-known budget milestones" comment="subhead" text="Lesser-known budget milestones">Lesser-known budget milestones</cmsannotation> Till 2019, the union budget was carried in a briefcase, a practice initiated by India’s first FM, Sir RK Shanmukham Chetty. In 2019, the budget was presented as a traditional bahi-khata for the first time. It went paperless in 2021 after the FM introduced the budget via a tablet. Apart from having presented most budgets, Sitharaman also holds the record for having delivered the longest budget speech while presenting the Union budget for 2020–21. She spoke for two hours and 42 minutes. On the other hand, India’s shortest-ever budget speech was given in 1977 by Hirubhai Patel.

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Automobile industry hails PM e-DRIVE scheme to promote EVs

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