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Hybrid & Electric Vehicles To Receive Subsidy Of Up To INR 12 Lakh
The National Electric Mobility Mission Plan 2020 is expected to take off once the new government takes power at the Centre. The Ministry of Heavy Industries and the auto industry have reportedly agreed on the subsidy ceiling and the government is said to be planning on providing subsidies ranging from INR 8,000 to INR 12 lakh to hybrid and electric vehicles.
As per FE sources, hybrid cars and SUVs that cost INR 7.5 lakh and more will be subsidized by as much as INR 1.5 lakh. Hybrid and electric two wheelers, on the other hand, which cost INR 40,000 and more will receive subsidies of up to INR 30,000.
Meanwhile, hybrid buses will be provided with a maximum subsidy of INR 12 lakh and light commercial vehicles of up to INR 1 lakh.
Also Read: The Most Advanced Electric Supercar In The World
The actual subsidy provided to each vehicle will depend not just on its actual price, but also on the range it offers and battery. The subsidy amount will cover roughly 30-40 percent of the price differential of a hybrid/electric vehicle over their petrol/diesel counterpart.
The Heavy Industries Ministry will reportedly submit the final framework to the expenditure finance committee in a month, post which it will be sent for a final cabinet approval.
The companies are expected to be reimbursed directly by the government for every hybrid/electric. The companies would have to provide proof of sale to the government through a dedicated online platform to avail reimbursement.
Once subsidies on environment friendly vehicles come up several local and international manufacturers are expected to launch their products in India. But, Mahindra and Tata Motors will lead the race. While Mahindra will take the lead on the passenger vehicle front, as well as light commercial vehicles, Tata Motors could launch its CNG-Hybrid buses in India.
The immediate advantage, however, will be gained by Mahindra's Reva e2o electric car and the several electric scooters that are sold in India.
