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The Board has also approved the formation of a joint venture company for battery swapping business in India with 50:50 collaboration between Indian Oil and Sun Mobility Pte. Ltd. Singapore. In the JV, Indian Oils equity investment will be of Rs 1,800 crore till financial year 2026-27.
India's subsidy reductions has put the brakes on electric scooter sales, derailing the nation's ambitious plans for a thriving EV market.
In India’s bustling streets, where two-wheelers are seen as the primary mode of transportation, a powerful shift toward electrification is happening. Electric scooter sales have taken a hit, and the blame falls squarely on the recent reduction of government subsidies. In May, the Indian government revised its incentive scheme called Faster Adoption and Manufacturing of (Hybrid and) Electric Vehicles, commonly called FAME-II, and reduced subsidies to $122 (10,000 Indian rupees) per kWh of battery capacity, with a maximum cap of 15% of the ex-factory vehicle price.
Registration of electric two-wheelers has nosedived in June 2023 as buyers restrained their purchase following a 15-18% price hike after the union government lowered subsidy. The volume dropped to the lowest in 16 months at 35,461 units till June 27, show data available on the Vahan vehicle registration portal.
Amazon.in recently completed 10 years in India and Abhinav has been with the brand for over a decade witnessing the growth story