Amo Mobility News Today

The Ministry of Heavy Industries (MHI) has debarred Hero Electric and Benling India, two defaulters under its flagship Faster Adoption and Manufacturing of Electric Vehicles in India Phase-II (FAME-II) scheme, from participating in any of its incentive programmes in future. This action follows the ministrys findings that the phased manufacturing programme (PMP) guidelines were violated by these two companies, senior officials told

Electric Two-wheeler Makers: The government after an initial probe into violation of vehicle localisation norms mandated under the Faster Adoption & Manufacturing of Electric Vehicles in India (FAME India) scheme issued notices for recovery of INR 469 crore subsidy distributed to these companies for sales made between 2020 to 2023.

AMO Mobility plans to raise around $200 million in three years to fund expansion New Delhi: Electric mobility startup AMO Mobility plans to raise around $200 million (nearly Rs 1,500 crore) in the next three years to fund its expansion, including enhancing production capacity to around 5 lakh electric two-wheelers per annum by 2025, according

Hero Electric has urged the government to resolve the ongoing dispute concerning the Rs 140 crore penalty imposed by the Ministry of Heavy Industries (MHI).

The development comes at a time when Hero Electric has been facing pressure on operations with the Ministry of Heavy Industries stalling disbursal of subsidies under FAME II (Faster Adoption & Manufacturing of Electric Vehicles) in FYFY22 after receiving anonymous emails alleging that several firms including Hero Electric were claiming subsidies under the scheme without meeting the Phased Manufacturing Plan norms meant to increase indigenisation, investments and employment in India.

Following Revolt Motors, Greaves Electric Mobility has also returned the amount claimed as incentives under the government’s FAME-II scheme.

Amo Mobility: Funding the expansion plans will require significant investment. "We are looking at equity dilution to raise the required investment," he said but did nit share the details.

(This story has not been edited by THE WEEK and is auto-generated from a PTI

India aims to become a global leader in the electric vehicle (EV) sector by 2030, with the two-wheeler segment expected to achieve this goal even earlier, according to Kamran Rizvi, Secretary of the Ministry of Heavy Industries. He also stated that EV subsidies in India will eventually come to an end, unlike in other countries such as China and the UK which are reducing or withdrawing such incentives.

The government is exploring legal options against electric two-wheeler companies for not complying with the FAME II scheme norms, according to a senior government official.