EMPS 2024: 11 Leading EV Makers Get Nod For Govt Incentives

New Delhi, Apr 11 (KNN) The Indian government has granted approval to 11 electric vehicle (EV) manufacturers, including major players like Ather Energy, Bajaj Auto, Hero MotoCorp, Ola Electric, and Mahindra, to receive incentives under the recently launched Electric Mobility Promotion Scheme (EMPS) 2024.

This new Rs 500 crore scheme, which commenced on April 1st and will run through July 31st, aims to sustain the rapid growth in EV sales witnessed over the past year, reported BS.

It replaces the former Faster Adoption and Manufacturing of Electric Vehicles (FAME-II) programme.

“A total of 11 firms have been approved so far under EMPS, with more applications under consideration,” a senior government official said. “The approval process has been streamlined for greater efficiency,” he added.

To manage high demand and prepare the industry for an eventual subsidy phase-out, the maximum incentive caps have been lowered - to Rs 10,000 per electric two-wheeler from Rs 22,500 earlier, and Rs 50,000 per electric three-wheeler from Rs 1.1 lakh. Both categories will receive Rs 5,000 per kWh battery capacity.

“Reducing subsidies responds to soaring demand, supporting the industry while readying it for a post-subsidy future, as incentives cannot continue indefinitely,” said Heavy Industries Minister Mahendra Nath Pandey.

Notably, electric four-wheelers and buses have been excluded from EMPS incentives as they are covered under other schemes like Auto PLI and PM e-Bus Sewa.

EV sales in India saw over 45 per cent growth in 2023, crossing 1.5 million units as penetration touched 6.3 per cent from 4.8 per cent in 2022, aided by policy support. The approved firms aim to build on this momentum under the new incentive regime.

The 11 EV manufacturers approved to receive incentives under the EMPS 2024 scheme include Ather Energy, Bajaj Auto, BGauss Auto, Ola Electric, TVS Motor, Quantum Energy, Hero MotoCorp, Hop Electric, Kinetic Green, TI Clean Mobility, and Mahindra.

(KNN Bureau)