Impact of FAME Phase II policies on Electric Vehicle manufacturers

The positive supposition and heightened interest of the government for electric vehicles were demonstrated through the expansion in the sponsorship under the “Faster Adoption and Manufacturing of Electric Vehicles in India scheme 2” (FAME II) on Friday. The depiction is that it is an extremely critical move, a distinct advantage, and a potential interest sponsor for clean mobility. The mission of FAME is Faster Adaption of Manufacturing Electric Vehicles. Similarly, the mission ‘FAME’ India is about securing a green, sustainable future for the nation. FAME India is a part of the National Electric Mobility Mission Plan, where the prime motive is to encourage electric vehicles by providing subsidies.

Pointing to a quicker reception and assembling of the electric vehicles in India, the Center has chosen to decrease the trouble that electronic vehicles (EV) manufacturers are facing, by expanding subsidies on electric bikes. This will cut the overall costs of electric vehicles while directly benefiting the buyers. Out of rupees 8,596 crores of total incentives sanctioned, 1000 crores are for setting up charging stations. This will help in smooth usage of the electronic vehicles ensuring higher sales for the manufacturers. 

 The government is also sponsoring incentives and infrastructure for charging stations. India needs around 400,000 charging stations to meet the prerequisite for 2,000,000 Electric Vehicles (EV) that might employ on its streets by 2026, said a report on Saturday. All these policies are proving to be a boon for mobility solutions.

In consideration of these policies, the products launched by the company Ward Wizard are directly beneficial for the end-user as well. Whilst contributing towards nature conservation, the consumer is having multiple benefits to make their life at ease. As this is not the vehicle that runs on non-renewable resources, the pricing of electricity won’t get affected as much in the future. This ensures very low cost on commute thus saving the user a huge cost which otherwise he has to spend on fuel. One of the leading brands contributing to top manufacturing units of the EV sector is a brand named ‘Ward Wizard Innovations & Mobility Solution’. The Brand ‘Ward Wizard’ has the project named Joy E-Bikes which is today the leading EV manufacturing brand in India. The brand Joy E-bikes is targeted to capture 25% of total EV production in the Indian market.

The electric bikes do have some restrictions and boundaries like top speed per charging range, to be qualified for a subsidy. But the modification in FAME II will result in a more EV-demanding market as the increase in incentives will aid in making electric vehicles more affordable for many consumers.

Reference: https://auto.hindustantimes.com/auto/news/electric-two-wheelers-now-more-affordable-after-govt-revises-fame-ii-subsidies-41623468177724.html