Beginning June 1, 2023, the government has decided to considerably lower the subsidies being offered under the FAME-II (Faster Adoption of Manufacturing of Electric Vehicles in India) scheme
The government has lowered the subsidy available under the FAME-II (Faster Adoption of Manufacturing of Electric Vehicles in India) scheme for electric two-wheelers registered on or after June 1, 2023. That means that prices for electric two-wheelers will skyrocket after June 1.
The Heavy Industries Ministry had announced that the demand incentive for electric two-wheelers would be Rs 10,000 per kWh. Incentives for electric two-wheelers will be limited to 15% of the vehicle's ex-factory price, down from 40% currently.
"Limited stock. Limited time. Get your Ather 450X before FAME-II incentives reduce & prices increase. Warp to the Ather Space closest to you today," the EV maker has tweeted.
The Faster Adoption and Manufacturing of Electric and Hybrid Vehicles (FAME) India initiative began on April 1, 2019, for a three-year period that was extended for another two years through March 31, 2024.
The entire investment for Phase II of the FAME Scheme is Rs 10,000 crore, which would be used to provide incentives to customers (end users or consumers) of electric vehicles in order to stimulate greater adoption, which may be encouraged as a purchase price. The system is only for public and commercial transportation... electric three-wheelers (e-3W), electric four-wheelers (e-4W) and electric buses.