The Ministry of Heavy Industries (MHI) has extended the Electric Mobility Promotion Scheme (EMPS) for two and three wheelers till September 30, 2024. The budget for EMPS has been increased from Rs. 500 crore to Rs. 778 crore. The scheme offers a subsidy of up to Rs. 10,000 for electric two-wheelers and up to Rs. 50,000 for electric three-wheelers. Companies which are enrolled for EMPS have to comply with strict localisation norms. The target sales under EMPS has been revised from 3.72 lakh to 5.61 lakh units as well. This includes over 5 lakh electric two-wheelers and 60,000 electric three wheelers.
Some of the brands that benefit from EMPS include Ather Energy, Bajaj Auto, Hero MotoCorp, TVS, Kinetic Green and so on. The FAME-II scheme ended on March 31st, 2024 and the EMPS scheme was originally planned till July 31st, 2024. But a two-month extension will offer temporary relief to EV customers, dealers and manufacturers alike. It is important to note that the subsidies are half of what was offered under FAME-II, in some cases, lesser.
Once EMPS ends on September 30th, 2024, expect the prices of electric two and three-wheelers to go up. The sales of EVs are likely to see an impact as well.
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