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smev: Seven electric two-wheeler firms suffered over Rs 9,000 crore loss after Centre stopped subsidies, says SMEV

Seven electric two-wheeler companies in India have collectively lost over Rs 9,000 crore ($1.2bn) in unpaid dues and market loss after their subsidies were stopped last year, according to the Society of Manufacturers of Electric Vehicles (SMEV). The Indian government has told the companies to refund the subsidies availed by them. The companies may have to absorb unpaid dues, interest, debt, loss of market share, reputational loss and the cost of capital along with potential recapitalisation.
Sanjay Kaul Mahendra Nath Pandey Ministry Of Heavy Industries Society Of Manufacturers Electric Vehicles Electric Vehicles Heavy Industries

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Society Of Manufacturers Of Electric Vehicles: Loss from sops denied to E2W OEMs estimated at INR 9000 cr; SMEV moots `Sinking Fund' for their revival, ET Auto

Society Of Manufacturers Of Electric Vehicles: A cursory audit by SMEV’s chartered accountants estimates the cumulative losses on account of unpaid dues, interest, debt, loss of market share, reputational loss, cost of capital and potential recapitalisation, to be about INR 9,075 crore since the MHI held up their subsidies since 2022.
New Delhi Mahendra Nath Pandey Sanjay Kaul A Sinking Fund Society Of Manufacturers Electric Vehicles Ministry Of Heavy Industries

As govt subsidy stops, 7 electric two-wheeler firms suffered over Rs 9,000 cr loss

Seven electric two-wheeler companies have suffered a cumulative loss of over Rs 9,000 crore on account of unpaid dues and loss of market after their subsidies were stopped last year, the Society of Manufacturers of Electric Vehicles (SMEV) said on Wednesday. These companies have also been directed by the govt to refund the subsidies availed by them. The audit by SMEVs chartered accountants indicates the total, cumulative damages to affected companies could account for over Rs 9,000 crore on a co...
Mahendra Nath Pandey Sanjay Kaul Society Of Manufacturers Electric Vehicles Electric Vehicles Union Minister Mahendra Nath Pandey Original Equipment Manufacturers
Source: rediff.com

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