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REDUCTION IN GOVERNMENT SUBSIDIES FOR ELECTRIC 2 WHEELERS
The Business Guardian
|July 09, 2023
The Ministry of Heavy Industries on 19 May 2023, announced a reduction in the subsidies provided under Fame II For Electric Two-wheelers, effective from 1 June.
While this decision is likely to result in a price increase of about 20-25 per cent for two-wheelers starting next month, a closer examination of several key factors is necessary to gauge the impact of the price rise on the trajectory of electric vehicle (EV) adoption in the country.
INDIA'S EV SECTOR AT A GLANCE
The total cost of ownership (TCO) for an EV is lower as compared to an ICE vehicle (vehicles using conventional fuels), but the upfront cost of EVs is typically higher. This is driven by the battery cost, which is about 40-45 per cent of the vehicle cost. India currently relies heavily on imports for the lithium-ion (Li-ion) cells used in EV batteries, with the majority coming from China and Korea. These imports inevitably raise the cost of EVs.
This story is from the July 09, 2023 edition of The Business Guardian.
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