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Mahindra Reva Electric Vehicles Company has slashed the price of its electric vehicle e2o by 16 per cent (₹92,000), passing on the benefits of a recently announced government subsidy to buyers.
India’s only electric car is now priced at ₹4.79 lakh (on road Delhi), while the fixed energy fee remains the same at ₹2,999 a month for five years or 50,000 km, the company said in a statement.
This is a direct result of the Government’s recent subsidy under Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme.
“We welcome this important, progressive and timely initiative from the Central Government and the Ministry of Heavy Industries which has the potential to boost the EV industry in India and put it high on the global map. The benefits of the scheme in terms of demand incentives will be passed on to our customers,” said Pravin Shah, President and Chief Executive Officer (Automotive) at Mahindra & Mahindra.
FAME, which has a focus on investments in R&D, provides incentives for demand creation, setting up of charging infrastructures and rolling out of electric vehicle pilot projects. The FAME Scheme intends to tackle the twin issues of energy security and environmental pollution.
Mahindra Reva, a Mahindra Group company, has also installed 300 accessible charge ports across the country. A charge port can also be installed at home, it added.
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