Home / Auto News / Hero Electric reduces price of scooters due to increased govt incentives
Back

Hero Electric reduces price of scooters due to increased govt incentives

Hero has been the flag bearer of clean, green mobility for over a decade and is committed towards making the shift from fossil fuel vehicles more attractive and easier. (Mint)Premium
Hero has been the flag bearer of clean, green mobility for over a decade and is committed towards making the shift from fossil fuel vehicles more attractive and easier. (Mint)

  • The automaker has slashed prices of its offerings in the range of 12% to 33% as a result of increased incentives via FAME scheme.
  • Earlier this month, the Union government had announced a 50% increase in incentives for electric two-wheelers.

Hero Electric – an electric scooter manufacturer – on Friday announced a reduction in prices of its offerings in the range of 12% to 33% as a result of increased incentives by the government through the Faster Adoption and Manufacturing of Hybrid and Electric vehicle scheme.

“The significant reduction in price due to increased subsidy acts as an advantage for Hero and customers can walk in any of their 650+ sales touchpoints across the country to purchase their favorite Hero product. In addition to the price cuts, Hero is also offering options of home deliveries, attractive finance options and extended warranties at select locations," the company said in a statement.

It further added that with climate change being the focus this decade, the country today is at a standpoint where it is imperative to look at a sustainable future that lies in shifting to cleaner modes of transport. Hero has been the flag bearer of clean, green mobility for over a decade and is committed towards making the shift from fossil fuel vehicles more attractive and easier.

Earlier this month, the Union government had announced a 50% increase in incentives for electric two-wheelers to 15,000 per kilowatt hour from 10,000 per kWh. According to the new rules, the cap on incentives will be limited to 40% of the total price compared to the earlier cap of 20%. The ministry of heavy industries has also mandated Energy Efficiency Services Ltd (EESL) to procure 300,000 electric three-wheelers for use by different authorities. The public sector unit has been given the responsibility to procure electric buses for deploying across cities.

“The revision in subsidies on batteries and EVs overall under the FAME policy is just the move the industry needed to drive adoption of electric vehicles. Having had one of the best years in terms of sales despite the pandemic last year is a testimony that the market is ripe for a major push towards shifting towards a cleaner mobility solution. We have seen a major spurt in the adoption of our CITY SPEED SERIES in the last two years and with this additional subsidy, we expect a multifold increase in the sale of such models," said Sohinder Gill, chief executive, Hero Electic.

Catch all the Auto News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less

Recommended For You

Trending Stocks

×
Get alerts on WhatsApp
Set Preferences My ReadsWatchlistFeedbackRedeem a Gift CardLogout