The Centre has reported allowed Hero MotoCorp, Bajaj Auto, TVS, Ather Energy, Ola Electric Mobility, and Kinetic Green to sell two-wheelers and claim subsidy under the newly unveiled Electric Mobility Promotion Scheme (EMPS), 2024.
Government officials aware of the development told the Economic Times that these prospective subsidies can be claimed for sales made in the upcoming four months.
The Heavy Industries Ministry on March 13 said the EMPS 2024, a fund-limited scheme with a total outlay of Rs 500 crore for four months, from April 1, 2024, to July 31, 2024, to accelerate the adoption of electric two-wheelers (e-2W) and three-wheelers (e-3W) and to further boost green mobility and the development of the EV manufacturing ecosystem in the nation.
This new scheme aims to support 372,000 EVs. To encourage advanced technologies, the benefits of incentives will be extended to only those vehicles that are fitted with advanced batteries, an official statement said.
“The government’s EMPS 2024 programme, which is a component of Atmanirbhar Bharat, aims to develop a resilient, competitive, and efficient electric vehicle manufacturing sector in India. The Phased Manufacture Programme, which promotes local manufacture and fortifies the EV supply chain, has been implemented with this goal in mind. Along the value chain, it would also result in a large increase in employment possibilities,” the ministry said in a statement.
“Certificates have been issued…,” an official said adding that these EV manufacturers will be eligible to claim subsidies.
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Features of the scheme:
> To encourage the widespread adoption of electric vehicles (EVs), the Ministry of Heavy Industries is launching the Rs 500 Cr Electric Mobility Promotion Scheme 2024 (EMPS 2024).
> This EMPS 2024 plan will run for four months, from April 1, 2024, to July 31, 2024, with a total outlay of INR 500 CR.
> A maximum of Rs 25,000 in assistance will be provided for the acquisition of small three-wheelers (e-rickshaws and e-carts).
> Under the programme, incentives will be given to around 41,000 of these automobiles.
> The maximum amount of financial assistance for a large three-wheeler is Rs 50,000.
Vehicle Type Quantity Incentive (per KWH) Cap
Electric Two-Wheelers (e2w) 3.37 lakh Rs 5,000 Rs 10,000
Electric Three-Wheelers (e3w) 41,306 Rs 5,000 Rs 25,000
Electric Rickshaws (e tricks) 13,590 Rs 5,000 Rs 25,000
Large Electric Three-Wheelers 25,238 Rs 5,000 Rs 50,000
