New Delhi: The government has reportedly decided to release over INR 500 Cr of FAME-II subsidy to four electric two-wheeler manufacturers – Ola Electric, Ather Energy, TVS Motors, and Hero MotoCorp. The decision comes after the manufacturers have agreed to reimburse monies to customers who were made to pay extra for chargers.
As per sources, Ola Electric would get the highest payout of around INR 370 Cr from the Ministry of Heavy Industries (MHI). Meanwhile, Ather Energy is set to receive about INR 275 Cr, TVS is likely to get subsidy reimbursement to the tune of INR 150 Cr or more. For Hero MotoCorp, the payout amount would be INR 28-INR 30 Cr.
The four electric two-wheeler manufacturers were allegedly billing e-scooters chargers and proprietary software separately as accessories in order to keep the vehicle prices under the INR 1.5 Lakh cap of the FAME-II scheme. The scheme, with a total outlay of INR 10,000 Cr, provides electric two-wheelers with a maximum subsidy of 40% on the total cost of the vehicles, provided their maximum ex-factory price is INR 1.5 Lakh per unit.
Reportedly, Ola Electric, Ather Energy, TVS Motors, and Hero MotoCorp together agreed to refund an aggregate amount of about INR 288 Cr to their customers
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