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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

<ul><li>The new <keyword id="14498995" type="General" weightage="20" keywordseo="ather-450x-gen-3" source="Orion">Ather 450X Gen 3</keyword> debuted today, promising 105 KM range and other performance upgrades.</li><li><keyword id="2622647" type="General" weightage="100" keywordseo="ather" source="Orion">Ather</keyword> has been around for several years, and the company says it is only gaining from the arrival of credible competition in the last two years.</li><li>From Ather’s philosophy to safety, competition and customer demands, we caught up with <keyword id="3055369" type="General" weightage="50" keywordseo="ravneet-singh-phokela" source="Orion">Ravneet Singh Phokela</keyword> to understand how the company operates.</li></ul>Bengaluru-based Ather today launched the new <keyword id="8534356" type="General" weightage="20" keywordseo="ather-450x" source="Orion">Ather 450X</keyword> Gen 3 to take on <a href="https://www.businessinsider.in/business/auto/news/ola-s1-pro-review/articleshow/92820293.cms">Ola S1 Pro</a> and the <a href="https://www.businessinsider.in/business/auto/news/tvs-electric-scooters-tvs-iqube-iqube-s-and-iqube-st-comparison/articleshow/92356267.cms">new TVS iQube</a>, and gives what electric scooter consumers seek – longer range. On the eve of the launch, BI caught up with the company’s chief business officer, Ravneet Singh <keyword id="13770600" type="General" weightage="80" keywordseo="phokela" source="Orion">Phokela</keyword>, to understand the rationale for the 2022 facelift of the Ather 450X, safety concerns around EVs and the ever-growing competition, especially in India’s electric two-wheeler segment. <cmsannotation type="cmsannotation" annotationid="Safety concerns around EVs" comment="subhead" text="Safety concerns around EVs">Safety concerns around EVs</cmsannotation> Safety concerns about <a href="https://www.businessinsider.in/business/auto/news/ola-pure-ev-and-okinawa-recall-nearly-6700-electric-scooters-after-nitin-gadkaris-warning-and-continued-fire-accidents/articleshow/91067732.cms">electric scooters came to the fore after vehicle recalls, </a><a href="https://www.businessinsider.in/business/auto/news/okinawa-electric-scooter-showroom-in-mangaluru-catches-fire-several-scooters-destroyed/articleshow/92433747.cms">incidents of batteries catching </a>fire were reported <a href="https://www.businessinsider.in/business/auto/news/government-admits-it-made-a-mistake-asks-ev-industry-to-ensure-product-quality-of-vehicles/articleshow/91682746.cms">several </a>times, spooking prospective buyers. <div type="Article" hostid="261" msid="91934461" title="Ola, Okinawa and Hero Electric sales crater in May after a spate of fire and other incidents" mstype="2" mssubtype="0"></div> According to Phokela, it’s a case of “design for safety” issue – it’s about whether those electric scooters and battery modules are designed keeping the Indian conditions in mind – road, thermal and grid-wise, instead of just importing cells likely designed for better road conditions. Phokela assured that their own reliability banks on stringent safety and design checks. <cmsannotation type="cmsannotation" annotationid="On the new Ather 450X Gen 3" comment="subhead" text="On the new Ather 450X Gen 3">On the new Ather 450X Gen 3</cmsannotation> The Ather 450, originally launched in 2018, changed how people viewed electric scooters with its power and performance. For many, this was the first time they could think of an electric scooter as their daily ride. The 450X is still a powerful ride for most people, but the growing competition post the entry of the Ola S1 Pro and new TVS iQube ST with a range of 145 KM has likely pushed Ather to update its scooter. <div type="Article" hostid="261" msid="92820293" title="I used Ola S1 Pro for a few weeks and while my feet flirted with air, I had fun during my grocery runs" mstype="2" mssubtype="0"></div> <cmsannotation type="cmsannotation" annotationid="But what does the new Gen 3 bring to the table?" comment="subhead" text="But what does the new Gen 3 bring to the table?">But what does the new Gen 3 bring to the table?</cmsannotation> From a bigger battery pack that now offers a “TrueRange” of 105 KM to new ride modes and larger boot space, the Ather 450X Gen 3 is an iterative update that tries to bring the 450X into 2022 from 2020. <div type="image" title="Ather Energy-2" msid="92985214" hostid="261" sizebytes="31060" caption="&amp;lt;p&amp;gt;The Ather 450X Gen 3&amp;lt;/p&amp;gt;"></div> “The larger philosophy is that we keep updating the vehicle based either on consumer feedback or just our own development. The Gen 3 is a continuation of that philosophy,” Phokela explained, underlining that the Ather scooters also receive over-the-air updates to improve the overall product. Apart from this, the new Gen 3 comes with a faster dashboard thanks to a RAM upgrade, the UI has also seen performance improvements, so things like maps and documents load faster. <cmsannotation type="cmsannotation" annotationid="Chasing the psychologically important 100 KM range number" comment="subhead" text="Chasing the psychologically important 100 KM range number">Chasing the psychologically important 100 KM range number</cmsannotation> Range anxiety is an issue that EV makers and users alike have had to deal with. Unlike ICE vehicles which can be topped up with fuel instantly, EVs take time to charge, and the charging infrastructure is still a work in progress. For now, offering buyers as much range as possible is the closest EV makers can get to addressing range anxiety. According to Phokela, the 100 KM number is “psychologically important”. It’s also a 24% improvement over the second-gen model. <div type="Article" hostid="261" msid="92742893" title="Tata Motors sells 100x more EVs than M&amp;M – but both are valued at around $9 billion" mstype="2" mssubtype="0"></div> <cmsannotation type="cmsannotation" annotationid="On the growing competition from the likes of Ola, TVS, and others" comment="subhead" text="On the growing competition from the likes of Ola, TVS, and others">On the growing competition from the likes of Ola, TVS, and others</cmsannotation> While electric scooters have been present in India for a long time, quality electric scooters have only come around in the last few years. And that is what is important, says Phokela. He believes that it’s quite premature to worry about competition. “It’s best to keep the competition in the peripheral vision and the customer in the primary one,” said Phokela, stating that Ather’s philosophy in this regard is “not going to change”. Instead, the new entrants have had a positive impact on Ather’s sales, according to him. <cmsannotation type="cmsannotation" annotationid="More affordable Ather scooters are coming, but customers are willing to pay a premium for quality" comment="subhead" text="More affordable Ather scooters are coming, but customers are willing to pay a premium for quality">More affordable Ather scooters are coming, but customers are willing to pay a premium for quality</cmsannotation> The Ather 450X Gen 3 is priced at ₹1,39,007 in New Delhi (ex-showroom), while its competitor, the Ola S1 Pro is priced at ₹1,39,999 after a price hike of ₹10,000 recently. Phokela says that Ather buyers are willing to pay a premium for better quality and features – he revealed that 85% of the buyers go for the top-end 450X instead of the cheaper 450 Plus. However, he added that more affordable Ather scooters would be launched later as the company looks to expand its portfolio and presence. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/tcs-infosys-wipro-salary-in-2022-at-3-lakh-crore/articleshow/92957422.cms">IT biggies spent 62% of revenues on wages in FY22, salary bill at ₹3 lakh crore</a> <a href="https://www.businessinsider.in/finance/news/rupee-at-80-heres-how-a-falling-rupee-could-impact-indias-current-account-deficit/articleshow/92897064.cms">Rupee at 80: Here’s how a falling Rupee could impact India's current account deficit</a> <a href="https://www.businessinsider.in/business/auto/news/ola-s1-pro-review/articleshow/92820293.cms">I used Ola S1 Pro for a few weeks and while my feet flirted with air, I had fun during my grocery runs</a>

Ather’s Ravneet Phokela on the company’s new scooter, affordability, EV safety and more

Homegrown electric vehicle company <keyword id="2622993" type="General" weightage="80" keywordseo="ather-energy" source="Orion">Ather Energy</keyword> on Thursday announced a new e-scooter '450S', powered by a 3 kWh battery pack, which will bring much-desired performance-centric EV mobility to more commuters in the country. Starting at Rs 1,29,999, the company will start accepting bookings for the new 450S from July onwards. "Within the category, the 450S will break new grounds and will offer first-of-its-kind tech features in the performance scooter segment, raising the bar in terms of riding pleasure and safety while still delivering on performance," <keyword id="1442828" type="General" weightage="80" keywordseo="tarun-mehta" source="Orion">Tarun Mehta</keyword>, Co-Founder and CEO, Ather Energy, said in a statement. The 450S is expected to have an IDC (<keyword id="17580518" type="General" weightage="50" keywordseo="indian-driving-conditions" source="Orion">Indian Driving Conditions</keyword>) range of 115 km and a top speed of 90 km/h, according to the company. Moreover, the company said that the new 450S will continue to offer the segment's best technology and performance. Ather also announced the new prices for the 450X product line under the now revised FAME-II framework. The FAME II subsidy, one of the important levers that accelerated EV adoption in <keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword>, is revised to Rs 10,000 per kWh with a maximum cap of 15 per cent of the ex-factory price. "Starting today, our best-selling scooter - 450X with <keyword id="17580517" type="General" weightage="80" keywordseo="pro-pack" source="Orion">Pro Pack</keyword> will be available at Rs 1,65,000 (ex-showroom Bangalore), which is just marginally higher than prices in March 2023," Ravneet S. Phokela - Chief Business Officer, Ather Energy, said in a statement. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/news/new-dating-rules-genz-millenials-value-memes-playlist-sharing-quackquack-survey/articleshow/100674783.cms">Looking for a date? Meme, playlist sharing may be the key to success</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/markets/news/coal-india-ofs-institutional-buyers-portion-oversubscribed-but-stock-falls/articleshow/100675045.cms">Coal India OFS: Institutional buyers portion oversubscribed but stock falls</a>

Ather announces new e-scooter '450S' with 3 kWh battery pack

Following uproar in the Parliament over <keyword id="6354679" type="General" weightage="20" keywordseo="gst" source="Orion">GST</keyword> on <keyword id="72247" type="General" weightage="20" keywordseo="Food-items" source="Orion">food items</keyword>, <keyword id="309842" type="General" weightage="50" keywordseo="union-finance" source="Orion">Union Finance</keyword> Minister <keyword id="129243" type="General" weightage="100" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> on Tuesday defended the imposition of 5 per cent GST on food articles such as cereals, rice, flour and curd, which are pre-packaged and labelled, saying that it was a unanimous decision of the <keyword id="6355040" type="General" weightage="80" keywordseo="gst-council" source="Orion">GST Council</keyword> last month in which even non-BJP ruled states were present. The <keyword id="25455" type="General" weightage="80" keywordseo="finance" source="Orion">Finance</keyword> Minister released a list of items that will not attract any GST, when sold loose, and not pre-packed or pre-labeled. In a series of tweets, she said: "Recently, the GST Council in its 47th meeting recommended to reconsider the approach for imposition of GST on specified food items like pulses, cereals, flour, etc. There have been a lot of misconceptions about this that have been spread. Here is a thread to lay the facts." "Is this the first time such food articles are being taxed? No. States were collecting significant revenue from foodgrain in the pre-GST regime. Punjab alone collected more Rs 2,000 cr on food grain by way of purchase tax. UP collected Rs 700 cr," she said. "Taking this into account, when GST was rolled out, a GST rate of 5% was made applicable on BRANDED cereals, pulses, flour. Later this was amended to tax only such items which were sold under REGISTERED brand or brand on which enforceable right was not foregone by supplier," the FM said. "However, soon rampant misuse of this provision was observed by reputed manufacturers &amp; brand owners and gradually GST revenue from these items fell significantly. This was RESENTED by suppliers and industry associations who were paying taxes on branded goods. They wrote to the Govt to impose GST uniformly on all packaged commodities to stop such misuse. This rampant evasion in tax was also observed by States." "The Fitment Committee - consisting of officers from Rajasthan, West Bengal, <keyword id="20154" type="General" weightage="80" keywordseo="tamil-nadu" source="Orion">Tamil Nadu</keyword>, Bihar, Uttar Pradesh, Karnataka, Maharashtra, Haryana, and Gujarat - had also examined this issue over SEVERAL meetings and made its recommendations for changing the modalities to curb misuse. "It is in this context that the GST Council in its 47th meeting took the decision. With effect from July 18, 2022, only the modalities of imposition of GST on these goods was changed with no change in coverage of GST except 2-3 items," said the minister. "It has been prescribed that GST on these goods shall apply when supplied in 'pre-packaged and labelled' commodities attracting the provisions of Legal Metrology Act." "For example, items like pulses, cereals like rice, wheat, and flour, etc, earlier attracted GST @ 5% when branded and packed in unit container. From 18.7.2022, these items would attract GST when 'pre-packaged and labeled'," <keyword id="679937" type="General" weightage="80" keywordseo="sitharaman" source="Orion">Sitharaman</keyword> tweeted. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/ather-450x-gen-3-new-electric-scooter-debuted-today/articleshow/92985192.cms">Ather’s Ravneet Phokela on the company’s new scooter, affordability, EV safety and more</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/two-months-four-airlines-and-14-air-safety-incidents-dgca-says-safety-paramount/articleshow/92983985.cms">Two months, four airlines and 14 air safety incidents — DGCA says 'safety paramount'</a>

Food items when sold loose won't attract any GST, says Nirmala Sitharaman

<ul><li>Shares of oil exporting companies Reliance Industries and state-owned ONGC top gainers today.</li><li>This comes as the government has lowered the recently implemented windfall tax on diesel and aviation fuel shipments offering relief to fuel exporters and producers.</li><li>Government reduces tax on export of petrol and aviation turbine fuel (ATF) from ₹6 a litre to ₹4 along with tax on diesel to ₹11 from ₹13 per litre.</li></ul>Shares of Reliance Industries surged nearly 3% while ONGC rallied nearly 5% in the early hours of trade, as the government provided a relief by lowering taxes on July 19. Less than a month after levying these <keyword id="14086587" type="General" weightage="20" keywordseo="windfall-taxes" source="Orion">windfall taxes</keyword> on oil producers and exporters, the government had eased them yesterday. The government, which had promised that it will review these taxes regularly, reduced tax on export of petrol and aviation turbine fuel (ATF) from ₹6 a litre to ₹4 along with tax on diesel to ₹11 from ₹13 per litre. Further, the ₹23,250 per tonne additional tax on crude oil produced domestically has been cut to ₹17,000 per tonne. “A quicker than expected restart to reverse the windfall taxes on the sector should normalize equity multiples steadily higher. While windfall taxes are not yet zero, we believe government action provides clarity on the path ahead. RIL, ONGC and OIL are key beneficiaries,” says Morgan Stanley. What is windfall tax and why was it imposed? Windfall tax is a one-off tax imposed by the government on companies or sectors that have made unexpectedly high profits due to favourable market conditions. Crude oil prices have been hovering over $120 per barrel for the last three months – going as high as $130 per barrel in early March. Windfall taxes were imposed by the government to gain from windfall gains that oil producers were minting when international crude oil and derivatives spiked. An export tax was also slapped on refiners who exported petrol and diesel abroad. The move to slash the taxes came after crude oil prices fell significantly in July on fears of a possible recession and has been range bound between $100-105 per barrel. The decision has brought a relief rally to shares of ONGC and RIL who have been under pressure in the last couple of weeks. Analysts believe the move will boost equity prices of these companies. “Reliance, OIL and ONGC will see reduction in overhang and equity valuations should start pricing in high sustainable energy margins as government intent gets clear. The two should imply 25-40% upside to equities as energy markets are expected to remain tight despite the current volatility in oil and reduction in global fuel margins from peak levels,” said Morgan Stanley. In the fiscal year ended March 2022, the telecom-retail-oil giant RIL generated about 41% of consolidated pre-tax profits from its oil-to-chemicals business. Gross refining margins of RIL are estimated at nearly $13 per barrel while that of ONGC is estimated to see profit per barrel at $25, i.e.20% above last year's levels, as per the brokerage report. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/fixed-deposits-back-in-vogue-as-crypto-stock-market-get-hit-by-global-headwinds/articleshow/92983763.cms">Fixed deposits back in vogue as crypto, stock market get hit by global headwinds</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/ather-450x-gen-3-new-electric-scooter-debuted-today/articleshow/92985192.cms">Ather’s Ravneet Phokela on the company’s new scooter, affordability, EV safety and more</a>

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

PTI

Ather’s Ravneet Phokela on the company’s new scooter, affordability, EV safety and more

Rounak Jain

Ather announces new e-scooter '450S' with 3 kWh battery pack

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Food items when sold loose won't attract any GST, says Nirmala Sitharaman

IANS

RIL, ONGC set to move higher as government unwinds windfall taxes, says Morgan Stanley

Bhakti Makwana

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