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TVS To Revive Its Electric scooters Next Year
He added that the electric scooters will be manufactured from the TVS company"s Mysore facility. He said the electric two wheeler market has been undergoing ebb and low with the current status being not amicable. He expressed the hope that the market will regain soon.
TVS had been in this segment with its scooterette Scooty Teenz Electric during the summer of 2008 with a target of 40000 units a year. But TVS withdrew the production in a year due to unpromising market feedback. This made the company to throw its plans of electric three wheelers into rags in June 2010, he said further. The current move comes in the wake of an announcement in the Budget about installing the National Mission for Hybrid and Electric Vehicles.
This mission is mooted to promote manufacturing and selling of alternative fuel vehicles, by which the manufacturers can avail a reduction of excise duty by 5% from the existing 10%. In addition they are at their liberty to claim customs exemption and counter-vailing duty for import of special hybrid components. There is a scheme from the government, as notified last November, by which Rs95 crore incentive has to be disbursed for these manufacturers during this 11th plan scheme.
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