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The government has told four additional EV companies to return subsidies that they incorrectly received and to explain why they should not be disqualified from the FAME scheme, according to the news channel's sources.
Hero Electric is aiming to go public by 2025-26, but before that the EV manufacturer is working to increase its vehicle sales to 2 million in next three years
Hero Electric CEO Sohinder Gill said the company awaits
FAME II probe has impacted the EV sales as compared to 1,21,735 EV registrations in Nov 2022, the data clocked during Dec 2022-Feb 2023 indicates a slowdown EV sales.
The Government of India has stopped processing pending FAME-II subsidies of Okinawa and Hero Electric. The Government had earlier served a notice to both companies, last year. As per a PTI report, the manufacturers were under probe for alleged misappropriation of subsidies under the Rs 10,000 crore FAME scheme, which is currently in its second phase.