Revolt Motors, an electric motorcycle manufacturer in India, has achieved a significant milestone by securing official approval from the Ministry of Heavy Industries to participate in the Government of India’s EV subsidy schemes. This news comes after Revolt Motors proactively repaid past subsidies received under the FAME-II program, demonstrating their commitment to responsible corporate practices.
This approval marks a new chapter for Revolt Motors. It grants them eligibility for the ongoing Electric Mobility Promotion Scheme (EMPS) 2024, offering a subsidy of Rs. 10,000 per electric motorcycle. This subsidy is expected to extend to the upcoming FAME III scheme as well. The extended EMPS 2024, valid until September 30th, 2024, provides a valuable window for Revolt Motors to leverage this financial support.
The EV subsidy will significantly enhance the competitiveness of Revolt motorcycles in the Indian market. This translates to the potential for increased sales and profitability, propelling the company forward. With this approval, Revolt Motors joins a distinguished group of manufacturers dedicated to accelerating India’s transition towards a more sustainable and energy-efficient future.
Ms. Anjali Rattan, Co-Chairperson of RattanIndia Enterprises Ltd., the parent company of Revolt Motors, expressed her elation: “We are incredibly thrilled and honored to receive this approval from the Ministry of Heavy Industries. This endorsement serves as a powerful validation of our unwavering commitment to the Make in India initiative with our 100% Indian-made electric motorcycles. Revolt Motors remains steadfast in its mission to provide accessible and environmentally-friendly transportation solutions to all Indian citizens.”
The approval of the EV subsidy for Revolt Motors marks a significant step forward for the electric two-wheeler segment in India. With this financial backing, the company is well-positioned to expand its market share, invest in research and development, and accelerate the adoption of electric vehicles in the country. As Revolt Motors continues to innovate and deliver high-quality electric motorcycles, the Indian automotive industry is poised to witness a transformative shift towards sustainable mobility.
The post Government Subsidy Boost for Revolt Motors as EV Adoption Grows first appeared on Motoroids.