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Electric two-wheeler maker Hero Electric on Friday said it has slashed prices of its popular models by up to 33 per cent following enhanced subsidies under FAME II scheme.
In response to the amendments to the Faster Adoption and Manufacturing of Electric Vehicles (FAME II) policy in India, the company said it is passing on the cost benefit to customers.
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The decrease in prices range from 12 per cent for single battery variants to 33 per cent for the triple battery Nyx HX model, Hero Electric said in a statement.
Under the new prices, the Photon HX model will be available at ₹71,449 compared to ₹79,940 earlier. Similarly, the Nyx HX (Triple Battery) will come at ₹85,136, down from ₹1,13,115 earlier.
The Optima ER will now be available at ₹58,980 compared to ₹78,640 before, the company said.
Hero Electric CEO Sohinder Gill said, “The revision in subsidies on batteries and EVs overall under the FAME policy is just the move the industry needed to drive adoption of electric vehicles.” Having had one of the best years in terms of sales despite the pandemic last year is a testimony to the market being ripe for a major push towards cleaner mobility solutions, he added.
Gill said Hero Electric has seen a major spurt in the adoption of its ‘City Speed Series’ — high-speed electric scooters — in the last two years. And with this additional subsidy, multi-fold increase in the sale of such models is expected.
“With such industry-friendly moves from the policy makers, we expect the market to further touch five-to-seven million units on road over the next five years, he added.
In the recently modified FAME II scheme, the Ministry of Heavy Industries had increased demand incentives on electric two-wheelers to ₹15,000 per kWh, against ₹10,000 per kWh uniform subsidy available earlier.
Also, the government had increased the cap on incentive to 40 per cent of the cost of the electric two-wheeler from 20 per cent earlier.
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