RattanIndia backed Revolt to gain Rs 48k per bike under revised FAME II scheme

Revolt Intellicorp is said to gain INR 48,000 incentive per bike that it sells owing to the major revisions made by the Indian government to the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME II) scheme.

According to RattanIndia Enterprises, which holds a stake of 43% in the next-gen mobility company, the revised FAME II incentives will be up to INR 480 crore for the latter’s current production capacity of one lakh bikes per year.

The FAME II scheme has seen a 50% increase in the incentive for hybrid and electric vehicle manufacturers from INR 10,000 per KWh to INR 15,000 per KW.

Rajiv Rattan – Chairman of Revolt and RattanIndia Enterprises said: “This bold policy measure clearly demonstrates the intent of the government to rapidly transform the adoption of electric vehicles.”

RattanIndia Enterprises backed Revolt Intellicorp to gain Rs 48k per bike under revised FAME II scheme. Photo courtesy of Free-Photos from Pixabay.

Recently, the Indian government had released a proposed notification to fully waive off vehicle registration charges for electric vehicles. The GST on electric vehicle two wheelers is already 5%, in comparison to 28% for petrol based two wheelers, said RattanIndia Enterprises.

The company said that the latest incentives to the electric vehicle manufacturers will further strengthen the fast adoption of EV two wheelers.

RattanIndia Enterprises said that the incentives enable EV two wheelers to become markedly cheaper than two wheelers that run on petrol. As petrol prices breached INR 100 per litre, the running cost for driving 100 kms by EV bikes is just INR 9 per day when compared to INR 250 per day for petrol bikes.

Rahul Sharma – CEO and MD of Revolt said: “We thank the government for this big step towards transforming the EV sector in the country. This will further incentivize both the EV manufactures and customers and will exponentially accelerate the EV adoption in the country.”

Last month, Revolt Intellicorp had registered two crore kilometers on its Al-enabled electric motorbikes on Indian roads.