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Greaves Electric Mobility, formerly known as Ampere Electric Vehicles, has offered to refund the subsidy it received under the FAME India scheme. The company is one of seven electric two-wheeler makers accused of selling vehicles without meeting localisation requirements. Greaves plans to repay around ₹124.91 crore, making it the second company to offer a refund.
Greaves Electric Mobility, formerly known as Ampere Electric Vehicles, has offered to refund the subsidy it received under the FAME India scheme. The company is one of seven electric two-wheeler makers accused of selling vehicles without meeting localisation requirements. Greaves plans to repay around ₹124.91 crore, making it the second company to offer a refund.
As per the rules of the scheme, incentives were allowed to make electric vehicles by using made in India components, but in the investigation it was found that these seven firms have used imported components.
FAME II Violations: Companies may be debarred from availing subsidy under FAME-II and also return the subsidy availed on the sale of vehicles in the last 15 months
India's top electric two-wheeler makers managed to improve their financial health in the fiscal year ended 31 March 2022 even as revenue jumped thanks to booming demand, a VCCircle analysis shows. Sales of electric two-wheelers have jumped in India over the past couple of years, driven by growing consumer preference for ......