New Delhi: The ministry of heavy industries has rejected the subsidy claims of manufacturers for over 400,000 e-scooters, saying they flouted localization norms laid down by the government’s FAME-II incentive scheme.
The move by the ministry, which keeps track of how many vehicles have been incentivized under the scheme, brought down the number of e-two wheelers in its FAME-II tally from nearly 980,000 to 564,000.
The move will impact three large manufacturers the most —Hero Electric, Okinawa Autotech and Greaves Cotton’s Ampere—which were served notices by the government to repay subsidies.
Investigations found them guilty of flouting the phased manufacturing program (PMP) norms, which lay down localization-related criteria for subsidies under FAME-II.
Despite the setback, the government remains confident of meeting its target of incentivizing one million e-scooters under the scheme, Hanif Qureshi, joint secretary, ministry of heavy industries, told Mint.
“The earlier figures included the rejected claims. Those have now been dropped. Our target of 1 million e-2-wheelers is still to be met. With the new subsidy regime, the government is confident of achieving the target," he said.
The ministry has so far spent ₹3,113 crore in incentives from its ₹10,000 crore corpus on subsidizing vehicles across two, three and four-wheelers and electric buses. Before the government sent out recovery notices to OEMs for alleged wrongful subsidy claims in the past and rejected new claims, this amount was around ₹5,000 crore for a claim of close to 1 million scooters.
People privy to discussions within the ministry told Mint that over ₹1,200 crore worth of incentives are yet to be released by the ministry since April. “Held-up subsidies are being processed now. The claims will be paid from now onwards," Qureshi said.
The government will significantly reduce the quantum of incentives it offers to the electric two-wheeler segment from 1 June. The incentive amount has been slashed to a maximum of ₹22,500 from ₹60,000.
The government’s decision to lower the incentive amount follows the near-halving in the number of incentivized e-two-wheelers even as it seeks to meet the 1 million target.
This has left manufacturers looking for ways to absorb or pass on the increased prices to customers. Ola Electric, the market leader, has absorbed a large part of the increased cost and passed on ₹ 15,000 to customers for the Ola S1 Pro. It will be sold at an ex-showroom price of ₹1.41 lakh, up from ₹1.25 lakh until 30 May.
“While it’s a short-term financial hit, it’s also a great opportunity for manufacturers to re-look at consumer pricing and bring it closer to what it would eventually be in a post-subsidy world," said Ravneet Singh Phokela, chief business officer, Ather Energy.
For OEMs such as Ather Energy and TVS Motor Company, the average price hike is likely to fall in the range of ₹15,000 - ₹20,000 too, sources in the industry told Mint. The impeding price-hike is leading to a surge of buyers in EV showrooms to buy the vehicles before the subsidy reduces.
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