Electric scooter manufacturers in India have recently announced price increases across their product lines, effective from April 1st, 2024. Despite these increases, this market continues to see solid monthly sales owing to significant fuel savings and lower maintenance costs that entice customers.
Reason for Price Hike
The price hike in electric scooters is attributed to the introduction of a new Electric Mobility Promotion Scheme (EMPS) by the Government of India, following the conclusion of the FAME II scheme on March 31st, 2024. The EMPS aims to incentivize the adoption of electric vehicles (EVs) without negatively impacting sales.
Unlike the FAME II scheme, subsidies under the new EMP scheme are capped at Rs 10,000 per electric scooter, which is considerably lower than the previous offering. Electric two-wheeler manufacturers such as Ather, Bajaj, TVS, and Vida have announced price increases, while Ola Electric has decided to maintain its current prices until April 15th, 2024.
New Prices – Ather, Bajaj Chetak, TVS iQube, Hero Vida
Ather Energy, TVS, Bajaj Auto, and Vida have all announced price hikes ranging from Rs 3,000 to Rs 16,000, depending on the model. The highest price revision is observed for the Ather 450S, which was previously priced at Rs 1.10 lakh but has now been revised to Rs 1.26 lakh, marking an increase of Rs 16,000.
Meanwhile, the Ather 450X (2.9 kWh) has seen a price hike of Rs 3,000, now priced at Rs 1.41 lakh, while the 450X (3.7 kWh) has been revised by Rs 10,000, reaching Rs 1.55 lakh. Ather has also introduced the new Rizta electric scooter, available in three variants priced at Rs 1.09 lakh for Rizta S, Rs 1.12 lakh for Rizta Z (2.9 kWh), and Rs 1.44 lakh for Rizta (3.7 kWh), all prices ex-showroom.
Bajaj Auto's Chetak e-scooter has witnessed a price hike of Rs 8,000 on its Urban variant, now priced at Rs 1.23 lakh, while the Premium variant carries a Rs 12,000 increase, reaching Rs 1.47 lakh. TVS iQube and iQube S have seen price hikes of Rs 3,000 and Rs 6,000, respectively, with new prices standing at Rs 1.37 lakh and Rs 1.46 lakh.
The Hero Vida V1 Pro, initially priced at Rs 1.46 lakhs, is now higher by Rs 4,000 at Rs 1.50 lakhs, while the V1 Plus has seen a Rs 5,000 increase to a new price of Rs 1.20 lakh. Ola Electric, a leading electric two-wheeler manufacturer in India, has opted not to increase its prices until April 15th, 2024.