Fame 2 Incentives for Indian EVs
FAME 2 or the Faster Adoption and Manufacturing of Electric Vehicles in India, got the cabinet approval in February this year. The policy aims at promoting electric and hybrid vehicles in the country. The government is looking at encouraging the Indians to adopt electric vehicles to reduce overall levels of air pollution in India.
The government has also increased its total capital outlay to INR 10,000 crores from INR 895 crores allocated under the first phase. This budget will be spent over a period of three years from 2019-20 to 2021-22 and will be used to incentivize the buyers. These incentives will be applicable to vehicles used for public transport or registered for commercial purposes in the three- and four-wheeler segment. Private vehicles in the two-wheeler segment will also be incentivized. The government is planning to support 10 lakhs electric two-wheelers, 5 lakhs three-wheelers, 55,000 four-wheelers, and 7,000 electric buses in India through this initiative.
Here is a list of incentives to be provided to e-vehicles of leading EV automobile brands in India
Mahindra & Mahindra | |||
S.No. | Model Name | Vehicle Type | Incentive Amount |
1 | E-VERITO | Four Wheeler | 138000 |
2 | Mahindra e-Supro Cargo Van | Four Wheeler | 187000 |
3 | Mahindra E-Supro | Four Wheeler | 124000 |
4 | e-VERITO D2 | Four Wheeler | 138000 |
5 | e-VERITO D4 | Four Wheeler | 138000 |
6 | e-VERITO D6 | Four Wheeler | 138000 |
7 | e-VERITO C2 | Four Wheeler | 138000 |
8 | e-VERITO C4 | Four Wheeler | 138000 |
9 | e-VERITO C6 | Four Wheeler | 138000 |
Maruti Suzuki Ltd. | |||
1 | Maruti Ciaz Diesel SHVS Std. | Four Wheeler | 13000 |
2 | MARUTI ERTIGA LDI SHVS | Four Wheeler | 13000 |
TATA Motors Ltd. | |||
1 | TATA TIGOR EV | Four Wheeler | 124000 |
2 | TATA TIGOR EV – XM | Four Wheeler | 124000 |
3 | TATA TIGOR EV – XE | Four Wheeler | 124000 |
4 | TATA TIGOR EV – XT | Four Wheeler | 124000 |
TVS Motor Co. | |||
1 | TVS KING ELECTRIC LIX | Three Wheeler | 61000 |
Hero EV Pvt. Ltd. | |||
1 | Maxi | Two Wheeler | 7500 |
2 | Zion | Two Wheeler | 7500 |
3 | Optima Plus | Two Wheeler | 7500 |
4 | E Sprint | Two Wheeler | 9400 |
5 | Photon | Two Wheeler | 9400 |
6 | Cruz | Two Wheeler | 7500 |
7 | Hero Wave | Two Wheeler | 7500 |
8 | Hero Wave DX – Extra Mile | Two Wheeler | 7500 |
9 | OPTIMA DX | Two Wheeler | 7500 |
10 | NYX | Two Wheeler | 7500 |
11 | OPTIMA DX LI | Two Wheeler | 17000 |
12 | Maxi LI | Two Wheeler | 17000 |
13 | NYX-LI | Two Wheeler | 17000 |
14 | OPTIMA BX LI | Two Wheeler | 17000 |
15 | Cruz LI | Two Wheeler | 17000 |
16 | PHOTON LI | Two Wheeler | 22000 |
17 | FLASH | Two Wheeler | 7500 |
18 | FLASH LI | Two Wheeler | 17000 |
19 | PHOTON 72 V. | Two Wheeler | 9400 |
20 | OPTIMA PLUS LI | Two Wheeler | 17000 |
21 | NYX E5 | Two Wheeler | 22000 |
22 | FLASH e5 | Two Wheeler | 22000 |
23 | OPTIMA HS 500 | Two Wheeler | 22000 |
24 | Optima e5 | Two Wheeler | 22000 |
Source: FAME India
India is expecting greater penetration of EVs on the back of a successful Fame 2 and various other initiatives taken by the government. It is estimated that the penetration of EV vehicles could reach around 80% in the case of two-wheelers and 30% for private cars by 2030, and result in cumulative savings of 846 million tonnes of CO2 over the total deployed vehicle’s lifetime.
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