Subsidies Reinstated for Compliant EV Manufacturers

12 Aug 2024 CW Team

The Indian government has resumed granting subsidies under the Electric Mobility Promotion Scheme (EMPS) 2024, benefiting companies such as Revolt Motors and Greaves Electric Mobility. These firms, after repaying penalties for previous non-compliance with the FAME India scheme rules, are now set to receive financial support for their electric two-wheelers.

The Ministry of Heavy Industries has increased the EMPS's budget to INR 778 crore (approximately $97.25 million) to support the sale of 561,000 electric vehicles, aiming to boost India?s green mobility push. This revision came after recovering a total of INR 469 crore ($58.63 million) in fines from six EV manufacturers for violating the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) guidelines.

Revolt Motors and Greaves have collectively returned about INR 170 crore ($21.25 million) to the government, now clearing the path to avail EMPS subsidies, potentially lowering their product prices. Other manufacturers, including Hero Electric and Okinawa Autotech, have challenged the penalties in court.

The government's broader ambition is visible in its progressive policies since 2015, starting with the original FAME scheme which had a budget of INR 895 crore ($111.88 million). With FAME II, introduced in 2019, the commitment expanded to INR 10,000 crore ($1.25 billion), significantly bolstering the sale of electric vehicles, particularly two-wheelers and three-wheelers, in India.

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