EV Prices To Increase as FAME 2 Subsidies End on Mar 31
The Indian government’s FAME 2 (Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles Phase II) subsidy has been a significant driver in the adoption of electric vehicles (EVs) in the country. However, with the subsidy set to end on March 31, 2024, the prices of EVs are expected to increase considerably.
Impact of FAME 2 Subsidy End
The FAME 2 subsidy was introduced to encourage the adoption of EVs by making them more affordable. The subsidy provided a significant reduction in the cost of EVs, thereby making them a viable alternative to conventional fuel vehicles. However, with the subsidy ending, the prices of EVs are expected to rise by an average of 21%, leading to a drop in sales.
Why Buy Now?
With the impending end of the FAME 2 subsidy, now is the ideal time to invest in an EV. Purchasing an EV before the subsidy ends, allows consumers to take advantage of the reduced prices. Moreover, investing in an EV is not only a cost-effective decision but also a step towards a more sustainable and environmentally friendly mode of transportation.
Here are some EVs you can consider buying:
TVS iQube
The TVS iQube is a high-performance electric scooter powered by a 4.4 kW BLDC Motor. It has a range of 145 km/charge and a top speed of 78 km/h. The scooter comes with a host of features such as a digital speedometer, Bluetooth connectivity, and a mobile application that provides features like geo-fencing, anti-theft alarm, and low battery alert. The price of TVS iQube starts at ₹1.17 Lakh.
Bajaj Chetak
The Bajaj Chetak is another excellent electric scooter option. It is powered by a 4.2 kW BLDC Motor and has a range of 127 km/charge. The scooter comes with features like a digital instrument console, USB charging port, and a mobile application6. The price of Bajaj Chetak starts at ₹1.15 Lakh.
Ather 450 Range
The Ather 450 range of electric scooters are known for their performance and features. The Ather 450 Apex, for instance, has a range of 157 km/charge and a top speed of 100 km/h. It comes with features like a digital dashboard, proximity unlock, and a mobile application. The price of Ather 450 range starts at ₹1.38 Lakh.
Ola S1 Range
The Ola S1 range of electric scooters are a popular choice among consumers. The Ola S1 Pro, for example, has a range of 195 km/charge and a top speed of 120 km/h8. It comes with features like a digital speedometer, Bluetooth and WiFi connectivity, and a mobile application. The price of Ola S1 range starts at ₹79,990/-.