The Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME 2) scheme, which has played a significant role in promoting electric two-wheelers in India, might end on March 31, 2024. If the scheme is not extended, prices of electric scooters and bikes could increase by approximately 25 percent starting April 2024.
Here's a list of some popular electric scooters and bikes along with their current ex-showroom prices (including the FAME 2 subsidy) and the projected prices without the FAME 2 subsidy:
- Ola S1 Pro: Current Price - Rs 1,29,999; Without Subsidy - Rs 1,52,423
- Ola S1 Air: Current Price - Rs 1,04,999; Without Subsidy - Rs 1,23,305
- Ola S1 X+ (3kWh): Current Price - Rs 84,999; Without Subsidy - Rs 1,01,779
- Ola S1 X (4kWh): Current Price - Rs 1,09,999; Without Subsidy - Rs 1,26,779
- Ather 450X (3.7kWh): Current Price - Rs 1,44,923; Without Subsidy - Rs 1,67,407
- Ather 450X (2.9kWh): Current Price - Rs 1,38,002; Without Subsidy - Rs 1,59,489
- TVS iQube: Current Price - Rs 1,34,422; Without Subsidy - Rs 1,55,553
- TVS iQube S: Current Price - Rs 1,40,025; Without Subsidy - Rs 1,62,090
- Bajaj Chetak Urbane: Current Price - Rs 1,15,002; Without Subsidy - Rs 1,32,899
- Bajaj Chetak Premium: Current Price - Rs 1,35,463; Without Subsidy - Rs 1,56,613
- Vida V1 Plus: Current Price - Rs 1,45,000; Without Subsidy - Rs 1,67,355
- Tork Kratos R: Current Price - Rs 1,49,999; Without Subsidy - Rs 1,72,499
- Ultraviolette F77 STD: Current Price - Rs 3,80,000; Without Subsidy - Rs 3,80,000
- Ultraviolette F77 Recon: Current Price - Rs 4,55,000; Without Subsidy - Rs 4,55,000
The continuation of the FAME 2 scheme is crucial for maintaining the momentum of EV adoption in India. In the Indian two-wheeler market, EVs currently account for 5% of the total, a major accomplishment of the project. Without it, the prices of electric two-wheelers could become less attractive to potential buyers potentially slowing down the growth of the EV sector.
In other news, Ola Electric has extended its discount offers on the Ola S1 Pro, S1 Air, and S1 X+ models until the end of March 2024. Additionally, a new variant, the Ola S1 X (4kWh), was introduced last month with a larger battery pack. Ather Energy is also gearing up to launch a new family scooter, the Ather Rizta, on April 6, which features a boxy design and a large single-piece seat, aiming to appeal to families.