Page 3 - Fame-ii

Top four electric two-wheeler makers give refund of Rs 10 crore to buyers

An investigation by the Centre found that some electric two-wheeler manufacturers were billing their charger separately to their electric scooters to cut the reported sale price of their products

Incentives for private bus operators to take EV route in the works

China continues to lead the e-bus market, accounting for over 80 percent of global e-bus sales in 2022

Electric 2-wheeler firms suffer over Rs 9,000 cr loss after subsidies stop

Seven electric two-wheeler companies have suffered a cumulative loss of over Rs 9,000 crore on account of unpaid dues and loss of market after their subsidies were stopped last year, the Society of Manufacturers of Electric Vehicles (SMEV) said on Wednesday. These companies have also been directed by the govt to refund the subsidies availed by them. The audit by SMEV's chartered accountants indicates the total, cumulative damages to affected companies could account for over Rs 9,000 crore on a conservative basis, it noted. This cursory audit estimates cumulative losses on account of unpaid dues, interest, debt, loss of market share, reputational loss, cost of capital and potential recapitalisation, to around Rs 9,075 crore ever since the Ministry of Heavy Industries held up their subsidies since 2022, SMEV said. The fact is some may never recover, and some may just wind up, it added. Highlighting the need for a speedy resolution, SMEV Chief Evangelist Sanjay Kaul pointed out it is

Govt to bring payment security mechanism for large-scale e-bus rollout

The government will come out with a "payment security mechanism" to support large-scale rollout of electric buses as it eyes a major transition towards green public transport across the country, Tarun Kapoor, advisor to the Prime Minister at the PMO, said on Thursday. He also emphasised on the need to bring down the cost of electric vehicles to accelerate their adoption. While the government will continue to provide subsidies like those being offered under the FAME-II scheme because the price difference is huge and it has to be bridged, "we have to look at ways and means to bring down the price also, because government subsidy cannot be forever", he said, while addressing an Assocham conference on electric mobility here. Kapoor highlighted the need to be "a little more serious" in battery manufacturing "because we can't depend on imports". He said while China has taken the lead on lithium-ion batteries, India can catch up very fast and the government is looking at the entire ...

Centre to recover Rs 469 cr from 7 electric 2W makers for non compliance

The Centre has sought Rs 469 crore from seven electric two-wheeler makers, including Hero Electric and Okinawa for claiming incentives while not complying with the Faster Adoption and Manufacturing of Electric Vehicles (FAME) II scheme norms, a government official said. The official said that in case of non-refund of the amount to the government, they will be de-registered from the scheme in the next 7-10 days and the government would not allow them to participate in the scheme. An investigation by the heavy industries ministry has revealed that these companies have availed fiscal incentives under the scheme by violating the norms. As per the rules of the scheme, incentives were allowed to make electric vehicles by using made in India components, but in the investigation it was found that these seven firms have used imported components. In our investigations, six companies have been found clean, but seven companies have violated the norms. So we are seeking Rs 469 crore. They will

FAME subsidy cut: Prices up over 21%, e2W sales more than halve in June

Among the brands, Ola Electric raised prices by 38%, Ather Energy by 70%, TVS iQube by 62% and Ampere by 69%

Electric two-wheeler sales get recharged as subsidy cut pain eases

Average daily sales in the first 17 days of July double to 1,702 units from 852 units during the same period in June

EV makers face legal action over wrongful FAME II incentive claims

An official was quoted as saying that the companies that claimed incentives wrongfully under FAME II would have to pay them back first

EVs on a brake: Manufacturers, govt are arguing over new PLI schemes

The key, however, lies in the future of FAME II subsidy. If it is not extended EV prices will soar and slow the government's own market adoption and emission targets

Centre calls alleged FAME scheme defaulters for hearing from July 13

Either return subsidy or face legal action: Govt to firms

EV two-wheeler sales dip 56% in June on FAME-II subsidy cut: Fada

Interestingly, the share of EVs in the overall two-wheeler sales for the month was seen at 3.5 per cent, compared to 7 per cent in May 2023 and 3.6 per cent in June 2022

Electric vehicle makers in talks with Centre on battery decoupling policy

EVs come under the 5 per cent slab, whereas service providers of batteries will fall under a different one

June sees e-two-wheeler registrations fall sharply across all players

Drop 60% over May record of 105,348 units

Centre planning to stop subsidies of firms found violating FAME-II norms

Companies may be debarred from availing subsidy under FAME-II and also return the subsidy availed on the sale of vehicles in the last 15 months

Heavy industry ministry's actions sabotaging FAME-II: SMEV to Niti Aayog

The Society of Manufacturers of Electric Vehicles has written to Niti Aayog, urging to conduct a comprehensive review of the Faster Adoption and Manufacturing of Electric Vehicles (FAME) II scheme and claimed that actions of the heavy industries ministry are "sabotaging" the policy. In a letter to Niti Aayog Chairperson Suman K Berry, Society of Manufacturers of Electric Vehicles (SMEV) Secretary General Ajay Sharma said actions of the ministry over the past 18 months are likely to impact sales and substantially delay the process of electric vehicle (EV) adoption and penetration in the country. The industry body pointed out withholding subsidies, demanding retrospective clawbacks of subsidies given in 2019, delisting companies from the NAB (National Automotive Board) portal, and the latest move to slash subsidies by the Ministry of Heavy Industries (MHI) and called them "a series of detrimental actions". The "subsidy blockade, clawback notices, and embargo on future sales are ...

Electric scooter sales take a plunge in June on FAME-II subsidy cut

Only 60% of Niti Aayog's sales projection of 2.3 million units in FY24 possible, says association

How FAME scheme changes impact electric vehicle fortunes in India

Sharp cutbacks in the incentive scheme is likely to put the brakes on this market

FAME-II subsidy block: SMEV reaches out to govt for Rs 3K-crore rehab fund

The industry body has maintained the subsidies withheld and due to various electric two-wheeler (E2W) manufacturers amount to over Rs 1,200 crore

Weekend Bites: Electric shock on two wheels, and why Musk is no absolutist

In which we munch over the week's platter of news and views

EV2W prices shocks prospective owners after govt revises FAME II subsidy

While they are powered by electricity, their new prices are giving shocks to the prospective buyers.