The government has notified the scheme to promote manufacturing of electrically operated passenger vehicles (EVs) in India and issued two notifications 19/2024-Customs and 20/2024-Customs both dated March 15, 2024, exempting the social welfare surcharge and reducing the basic customs duty (BCD) to 15 per cent on imports of EVs falling under the heading 8703… Continue reading New electric vehicle scheme links lower import duty with FDI | Expert Views
Tag: Electric
Electric vehicle penetration gap widens between India and other nations
As stakeholders debate whether electric vehicle (EV) subsidies should be continued or withdrawn, data shows that India’s EV penetration, or the sales of EVs as a percentage of total vehicle sales, is way behind many key countries in the world. And India will need to do some serious catching up to even meet the… Continue reading Electric vehicle penetration gap widens between India and other nations
Royal Enfield plans to launch its first electric bike in two years
Eicher Motors, the manufacturer of the Royal Enfield (RE) bikes, is planning to introduce its first electric bike in India in the next two years, The Economic Times (ET) has reported. Managing Director Siddharth Lal said that the company will install a production facility of 150,000. The production of this first RE electric bike… Continue reading Royal Enfield plans to launch its first electric bike in two years
Temasek to invest Rs 1,200 crore in Mahindra Electric via preference shares
Mahindra Electric Automobile Ltd (MEAL), Mahindra & Mahindra’s electric vehicle arm, on Thursday, announced that investment firm Temasek would invest Rs 1,200 crore in the company in compulsorily convertible preference shares. With this, the company’s valuation will rise 15 per cent from Rs 70,070 crore to Rs 80,580 crore. “The securities subscription… Continue reading Temasek to invest Rs 1,200 crore in Mahindra Electric via preference shares
Centre plans to scrap mandatory electric vehicle incentive-linked tests
The Centre is planning to scrap the mandatory battery safety tests required to get incentives under the government’s production-linked incentive (PLI) schemes. The decision comes after a committee headed by the Automotive Research Association of India (ARAI) director submitted its re-examination report to the Ministry of Heavy Industries last month, Business Standard has… Continue reading Centre plans to scrap mandatory electric vehicle incentive-linked tests
Electric two-wheeler registrations recover in July but very modestly
Even though electric two wheeler (e2W) companies saw a slight recovery in July of 12 per cent with 49,518 registrations — after a wash out in June because the government slashed the FAME 2 subsidy by a third — registrations are still lower for the second month in a row compared to April FY24.… Continue reading Electric two-wheeler registrations recover in July but very modestly