450X Electric Scooter Price Down 14.5k Rupees-New Price List
Over the past year and a half, significant growth has been seen, especially in the motorcycle electric vehicle (EV) segment. With new manufacturers entering the Indian automotive market, EV space holds great promise for the future.
The Government of India is also playing a role in promoting EV sales and reducing vehicle emissions by introducing the FAME II (Faster Adoption and Manufacturing of Electric Vehicles in India) scheme. This was done to extend support for the right model as the number of motorcycles in the EV space gradually increased.
Revision of FAME II subsidy
When introduced by the Ministry of Heavy Industries (MHI) in 2019, this policy has benefited models that meet eligibility criteria such as a minimum range of 80km and a minimum maximum speed of 40kph. This scheme has benefited from a subsidy of Rs 10,000 per kWh. Currently, the government has announced a 50% increase in subsidies. This is equivalent to Rs 15,000 per kWh for all electric vehicles (EVs) and hybrid vehicles except buses.
In addition, MHI is currently limiting incentives for electric motorcycles from the previous limit of 20% to 40% of vehicle costs. Currently, the revised policy applies to electric motorcycles.
Further changes to the scheme will be released in the coming days. Given the central government’s intention to make India an electric vehicle nation by 2030 by supporting the adoption of EVs, the latest revisions could extend to the passenger car segment as well.
Price cuts for 450X and 450Plus
The increase in subsidies was immediately reflected in the price of electric scooters. Energy was the first to act on this initiative as it reduced the price of the premier offering the 450X by Rs 14,500 as a result of this amendment. For Bangalore, the 450X is now priced at Rs 1.44 and the plus price is Rs 1.25. All prices are ex-sh.
Energy CEO and co-founder Tarn Mefta called this a phenomenal move: “Despite the pandemic, sales of electric motorcycles are growing, and with this additional subsidy, electric motorcycles Sales are expected to disrupt the market. By 2025, we will measure more than 6 million units. “
Mitsubishi Heavy Industries has also announced that it plans to consolidate the cost of electric tricycles through Energy Efficiency Services Limited (EESL) to make it comparable to internal combustion engine tricycles. EESL is said to classify the demand for electric tricycles of Rs 30,000 into multiple user segments. Currently, 76,008 units are sold under the FAME II scheme.