With falling battery prices, EV bikes prices are already comparable to their petrol counterparts. The waiver of registration charges will further make e-bikes more affordable for the customers.
Anjali Rattan, Business Chairman of RattanIndia Enterprises said “The proactive approach of Central Govt. in providing incentives for electric vehicles clearly shows the seriousness of Govt. to accelerate EV adoption in the country. These incentives make EVs buying more attractive for customers versus any petrol bikes.”
As per the regulatory filing, this amendment in Central Motor Vehicles Rules, 1989 towards waiver of registration charges for electric vehicles come in the backdrop of a slew of incentives given by the Central Government and various state governments to boost EV adoption in the country. Central Government had recently announced a 50% increase in FAME II incentives for EV manufacturers to Rs. 15,000 per KWh which works to approximately Rs48,000 per bike for Revolt. Customers of Electric Vehicles already have to pay GST at the lowest slab of 5% versus 28% for petrol bikes.
Additionally, various state governments are also taking proactive steps to increase EV adoption in the country whereby incentives ranging from Rs20,000 to Rs11,000 per bike are being given to customers to accelerate EV adoption in various states. These incentives are over and above those given by Central Govt. For eg., Maharashtra is giving an incentive of Rs25,000 per bike, Gujarat has an incentive of Rs20,000 per bike and Delhi has an incentive of Rs16,200 per bike over and above FAME II incentives by Central Govt. More than 20 states are currently in the process of coming out with their EV incentive policies.
At around 1.02 pm, RattanIndia was trading at the lower price band of Rs59.85 per piece down by 5% on Sensex.