New Delhi: Electric two-wheeler maker Hero Electric slashed prices of its popular products on Friday following the increase in subsidies under the Faster Adoption and Manufacturing of Electric Vehicles (FAME) II policy.
According to Hero, the new price cuts range from 12% for single battery variants to 33%, the highest for the triple battery Nyx HX model.
Hero’s revised prices:
|Model Name||Old Prices||New Prices||% change|
|Optima ER (Double Battery)||78,640||58,980||33|
|NYX HX (Triple Battery)||1,13,115||85,136||33|
Sohinder Gill, CEO Hero Electric, said, “We have seen a major spurt in the adoption of our CITY SPEED SERIES in the past two years and with this additional subsidy, we expect a multifold increase in the sale of such models. With such industry-friendly moves from the policy makers, we expect the market to further touch 5million to7 million units on road over the next 5 years.”
The significant reduction in price due to increased subsidy acts as an advantage for Hero and customers can walk in any of the 650-plus sales touch points across the country to purchase their favorite Hero product. In addition to the price cuts, Hero is also offering options of Home deliveries, attractive finance options and extended warranties at select locations, a company statement said.
Other electric two-wheeler manufacturers namely Okinawa, Ampere and Revolt had also reduced prices in response to the government’s decision to increase subsidies under the FAME II scheme last week.
In the recently modified FAME II scheme, the Ministry of Heavy Industries had announced a 50% increase in incentives on electric two-wheelers to INR 15,000 per kWh, against the INR 10,000 per kWh uniform subsidy available earlier.