Rs. 320 Crore Disbursed Under PM E-DRIVE to Boost EV Adoption

ENA Sectors 2024-11-05 17:10:10 New Delhi, Nov 5 (KNN) The Government of India has disbursed around Rs 320 crore under the Prime Minister Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) scheme, a new initiative aimed at accelerating the adoption of electric two-wheelers (e2W), three-wheelers (e3W), and e-carts/e-rickshaws across the country. Launched on October 1, PM E-DRIVE has already achieved significant milestones in electric vehicle (EV) sales, according to officials from the Ministry of Heavy Industries (MHI). With a total outlay of Rs 10,900 crore, PM E-DRIVE is set to run until March 31, 2026. The first-year target under the scheme includes a cap of 11,87,917 EVs eligible for subsidies, out of which 6,09,250 vehicles have been sold as of October 28. Claims for subsidy have been submitted for 3,69,357 of these vehicles, representing 51 percent of the targeted subsidy pool, MHI officials report. In the electric two-wheeler category, which has a first-year cap of 10,64,000 units, 5,49,698 units (52 percent) have already been sold by October 28, with claims submitted for 3,28,524 units. Similarly, in the e3W L5 segment (high-capacity electric three-wheelers), manufacturers have sold 58,640 units (73 percent of the annual cap of 80,546 units), with claims submitted for 40,075 units. The scheme also includes provisions for electric rickshaws and e-carts, with a cap of 43,371 units in the first year. So far, 912 units have been sold, and claims have been filed for 758 units. As of October 28, MHI has disbursed Rs 320 crore in subsidies out of the Rs 352 crore recommended by the project management agency, IFCI, with an additional Rs 147 crore in claims under review. The scheme replaces the Electric Mobility Promotion Scheme (EMPS) 2024, which ran from April to September 2024 with an allocation of Rs 778 crore, now absorbed under PM E-DRIVE. Beyond two- and three-wheelers, the PM E-DRIVE scheme extends incentives to e-ambulances, e-trucks, e-buses, and related infrastructure upgrades, encompassing a broader target of 28,81,436 incentivized EV units. To promote affordability, PM E-DRIVE offers a demand incentive of Rs 5,000 per kWh for e2Ws and e3Ws registered in fiscal year 2024 25, reducing to Rs 2,500 per kWh in FY 2025 26. The scheme also includes a cap of 15 percent of the ex-factory price or the maximum incentive outlined in the scheme notification. With EV adoption on a steady rise, PM E-DRIVE reflects the governments commitment to sustainable mobility, aiming to transform Indias transportation landscape by making electric vehicles more accessible and affordable. (KNN Bureau) 39809 https://knnindia.co.in/news/newsdetails/sectors/rs-320-crore-disbursed-under-pm-e-drive-to-boost-ev-adoption 2024-11-05 17:10:10 knnindia.co.in Rs. 320 Crore Disbursed Under PM E-DRIVE to Boost EV Adoption