Three-wheeler EV makers seek 50% hike in government subsidy; ADIA picks up 10% stake in Lenskart

Three-wheeler Electric Vehicle (EV) makers have asked the government to increase subsidies under the Faster Adoption of Electric and Hybrid Vehicles (FAME) – II policy to at least 50%, multiple industry sources told us. This and more in today’s ETtech Morning ulasan film Dispatch.
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Even as FAME subsidies for electric two-wheelers are about to be pulled off by the Indian government soon, three-wheeler EV makers have sought an increase in subsidies to at least 50%, multiple industry sources told us.
Why the ask? Currently, three-wheeler makers receive a subsidy of Rs 10,000 per kilowatt hour (kWh) and have asked that the sops be hiked to Rs 15,000 per kWh under the FAME-II policy. This would bring it to par with EV subsidies provided to two-wheeler makers.
Jargon buster: kWh signifies the size of the battery, which means that the bigger the battery, the higher the subsidy.
Big players: Major three-wheeler EV manufacturers include Mahindra Electric, Bajaj Auto, Kinetic Motors, Piaggio and Euler Motors.
Under consideration: Ministry of Heavy Industries (MHI) arranged stakeholder consultation and is currently considering the same, said a senior government official.
“The buyers of three-wheelers are hesitant to buy electric three-wheelers due to the initial cost difference vis a vis ICE (internal combustion engine),” said Sulaja Motwani, founder and CEO of Kinetic Green. “They are either sticking to the CNG or diesel products or opting for non-FAME approved e-rickshaws.”

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