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Okinawa electric scooters' prices have dropped post reduction in GST on electric vehicles. Okinawa has slashed prices of its entire range of electric scooters a few days after the government reduced GST on electric vehicles. The Indian EV manufacturer hopes that the price cut would result in an increase in sales.
Electric vehicles are here to stay, and almost everyone knows that the future is electric. EV manufacturers have for a long time been trying to make motorists switch from petrol-powered vehicles to the ones powered by electricity.
This however, has not happened to the extent that manufacturers would have liked it to. The government too introduced initiatives like FAME (Faster Adoption & Manufacturing of Electric Vehicles).
Recently, the government took yet another major step and this step has certainly helped the EV industry grow. The government reduced GST on electric vehicles from 12 percent to 5 percent, thereby making EVs less expensive to buy. EV manufacturers welcomed the decision with open arms.
What followed was a cascading effect that led one manufacturer after another to reduce prices of their electric vehicles. Hyundai announced a price cut on the Kona Electric, prices of the Ather 450 were slashed and now Okinawa Scooters has announced a price cut.
Prices of Okinawa scooters powered by a lead-acid battery have seen price reduction in the range of Rs 2,500 - Rs 4,700. The scooters powered by a Lithium-ion battery see a greater price reduction of between Rs 3,400 - Rs 8,600.
Mr. Jeetender Sharma, Founder & Managing Director, Okinawa Autotech Pvt. Ltd. said, "This latest concession for sustainable mobility has reduced the price gap between the EVs and the IC engine vehicles. Rising affordability will foster faster adoption of electric vehicles."
"The GST rate cut has reduced the ex-showroom prices of electric two-wheelers in India and is expected to increase demand for cleaner vehicles. We are confident that it would encourage more and more people to look at electric vehicles as a viable option."
The statement by Okinawa also mentioned that the reduction in GST on EV chargers from 18 percent to 5 percent would help further the EV cause. Okinawa Autotech is an Indian electric vehicle manufacturer headquartered in Gurugram. It currently sells seven electric scooters in the Indian market, priced between Rs 42,400 and Rs 1,15,000.
Thoughts On Okinawa Announcing Price cut Of Upto Rs 8,400 On Its Electric Scooters
The EV industry in India is growing at a faster rate than ever before. Okinawa is one of the key players in the electric two-wheeler industry. With this price cut, Okinawa will be hoping for better sales numbers and it might just get what it hopes for.