If you are considering purchasing an electric vehicle, now is the time to do so as you can avail a discount of up to Rs 37,500. The government has announced that the subsidy provided under the FAME-II scheme on electric vehicles will continue until March 31, 2024 or until the funds are available.
Concerns of Companies
However, companies that have leftover stock after March 31 will not be eligible for the subsidy under the FAME-2 scheme.
This has caused concerns among major companies such as Hero MotoCorp, Ather Energy, Bajaj Auto, TVS Motor Company, Ola Electric, and Mahindra & Mahindra. Despite expressing their concerns to government officials, the FAME scheme has not been implemented by the government.
Potential Price Increase
If auto companies do not receive the subsidy from the government, the prices of electric vehicles may increase from April 1. To avoid this situation, companies are offering significant discounts on their vehicles to clear out their stock. Torque Motors is currently offering the highest discount of up to Rs 37,500.
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