electric vehicle industry has welcomed the Indian Government's move to increase
subsidy to electric bikes and scooters by 50%, subject to those that meet the Faster
Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME II) criteria. The
amendments to the FAME-II electric vehicle policy was rolled out on June 11,
2021. Here are some of the views
expressed by leading leaders in this industry:
Pankaj Tiwari, Chief Marketing Officer, Nexzu Mobility, said this step “is a
welcome stimulus which will boost adoption and encourage research &
development and innovation for enhanced customer experience. The development
will surely provide a fillip to Indian EV companies to manufacture the finest,
electric high speed mobility solutions.
It will also help firms to boost the growth of EV space across the
nation. However, we would also like to see electric bicycles fall in the ambit
of the Fame II policy with an independent incentive for two wheelers based on
some of the key features like battery power etc.." Nexzu Mobility
manufactures electric scooters and electric bicycles in the country and it
operates in both in both B2B and B2C segments. It has a manufacturing plant in
CHakan in Pune district of Maharashtra.
Bhavish Aggarwal, Chairman and Group CEO, Ola noted that the “The incentive of
Rs.15,000 per KWH will help make electric 2 wheelers affordable for many more
consumers. I believe India has the potential to lead the world in sustainable
mobility and become a big market as well as a global EV manufacturing hub. Our
Ola Future factory will be coming online soon and we will be aggressively
pricing our range of electric scooters. With yesterday’s policy incentives, we
will be able to accelerate the global transition to sustainable mobility even
TVS MOTOR COMPANY: Sudarshan
Venu, Joint Managing Director, TVS Motor Company while welcoming the government’s
latest move, said, “Sustainable mobility solutions are very important for the
future and TVS is investing significantly behind this. The improved incentives
for electric two-wheelers will increase penetration and encourage further
indigenous investments in future technology.”
Nagesh Basavanhalli, MD & Group CEO, Greaves Cotton Limited, noted that "The
new and revised FAME II incentive policy announcement by the government is
encouraging which will make electric vehicles more affordable and accessible
and further boost the adoption of electric vehicles especially electric
2-wheelers and 3-wheelers in the country.
With people becoming more health and environment conscious post pandemic and
switching to personal mobility solutions, this announcement will increase the
penetration level of electric scooters as well as e-rickshaws."
MOBILITY: Uday Narang, Chairman, Omega Seiki Mobility said “Electric
vehicles (EVs) are costlier than traditional vehicles with internal combustion
engines (ICE). This revolutionary step by the government to subsidise electric
three-wheelers, two-wheelers, passenger vehicles and buses will provide the
much-needed impetus in faster adoption, thus helping greatly in building up the
ecosystem of EV’s in India. We at Omega Seiki Mobility strongly support this
initiative. It is a major incentive for Make-in-India local manufacturers like
us, enabling us to bring more and more EVs of various segments to the country.
This will notably make India a significant player in the EV Industry”
Ketan Mehta, CEO and Founder, HOP Electric Mobility commented, "The
revision in the FAME policy will help Indian EV companies in better development
and sale of electric products amid the pandemic. This subsidy will help us to
accelerate the demand of EV products amid the pandemic and help the market to
grow immensely. We also believe that it will promote the development of a
strong EV ecosystem along with the goal to make our products 100% Made in
India." HOP Electric Mobility Private Limited has three market-ready
products, two e- scooters and one e- motorcycle. The brand plans to launch at
least ten new products in the next three years. HOP has a 40,000 square feet
manufacturing facility in Jaipur in the state of Rajasthan.
INTELLICORP (REVOLT): “This bold policy measure clearly demonstrates
the intent of the government to rapidly transform the adoption of electric
vehicles” said Rajiv Rattan, Chairman of Revolt and RattanIndia Enterprises
welcoming the move.He said the current incentive will translate into Rs. 48,000
incentive per bike that Revolt sells. This could mean FAME II incentives up to
Rs. 480 Crore for current production capacity of one lakh bikes per annum.
Sharma, Founder, Revolt Motors, “The recently announced modification in the
FAME India Phase 2 scheme will prove to be a game changer. The increase in
financial incentive will further help in boosting adoption of products in the
category and is a reinforcement of government’s commitment and intent for the
EV industry. We are very pleased with this development as Revolt plans to
reopen booking and further expand into newer markets. Such interventions
coupled with the ongoing focus on infrastructure development can accelerate the
growth of the sector immensely.
ATHER ENERGY: Tarun
Mehta, CEO and Co-founder Ather Energy, noted: “The revision in the FAME
policy, increasing the subsidy by 50% per KWh is a phenomenal move. Sales of
electric two wheelers have grown despite the pandemic and with this additional
subsidy, we expect electric two wheeler sales to disrupt the market, and clock
6 million+ units by 2025. Ather Energy already has plans to expand distribution
to 30 cities in the next 6 months and this increased subsidy will help
accelerate consumer demand, immensely. The Government's continued support to
drive adoption of EVs, with a keen focus on locally built electric two wheelers
will make India the manufacturing hub of EVs.”
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