Planning to buy a new electric scooter in April? So be prepared to spend extra money. Because the price of e-scooters across the country is set to increase by 10 percent from April 1, 2024. This news was released by the Investment Information and Credit Rating Agency of India Limited or ICRA. So you have to spend extra to buy any model.
The cost of buying an electric two-wheeler is increasing from April
Recently, the electric scooter market in India has been booming. In this situation, the burden of price increase may affect sales, some experts believe. However, the Central Government’s recently announced ‘Electric Mobility Promotion Scheme 2024’ has given some hope amid the worries. Similar to FEM-II, financial subsidy will be available under this scheme.
Earlier two-wheelers were getting a subsidy of Rs 10,000 per kilowatt hour battery pack, but now it has come down to Rs 5,000. However, the maximum benefit per vehicle has been fixed at an additional Rs.10,000. Meanwhile, despite the immediate setbacks, ICRA is poised for electric two-wheelers to reach 6-8 percent of the overall industry by 2025.
Furthermore, the Center is continuing to provide incentives to encourage the production of electric vehicles in India through the Government’s EV Policy. To make this financial profit, various companies are going to invest in building electric vehicles in the country’s market. One of which is billionaire Elon Musk’s company Tesla.
