Govt exploring legal options against electric 2-wheeler cos for not complying with FAME II norms dailyexcelsior.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dailyexcelsior.com Daily Mail and Mail on Sunday newspapers.
Ev Manufacturing: With an eye on attracting global auto giants such as Tesla in the high-end electric vehicles space, the government may put in place a phased manufacturing plan (PMP) type of scheme, which will cater to the requirements of the entire industry, while also building an ecosystem within the country.
According to a media report, the government of India may roll out a Phased Manufacturing Plan (PMP) type scheme in order to attract global EV makers like Tesla.It is said that the PMP scheme would promote local manufacturing by offering incentives for building an ecosystem within the country.
Seven electric two-wheeler companies in India have collectively lost over Rs 9,000 crore ($1.2bn) in unpaid dues and market loss after their subsidies were stopped last year, according to the Society of Manufacturers of Electric Vehicles (SMEV). The Indian government has told the companies to refund the subsidies availed by them. The companies may have to absorb unpaid dues, interest, debt, loss of market share, reputational loss and the cost of capital along with potential recapitalisation.
Seven electric two-wheeler companies have suffered a cumulative loss of over Rs 9,000 crore on account of unpaid dues and loss of market after their subsidies were stopped last year, the Society of Manufacturers of Electric Vehicles (SMEV) said on Wednesday.
These companies have also been directed by the govt to refund the subsidies availed by them.
The audit by SMEV s chartered accountants indicates the total, cumulative damages to affected companies could account for over Rs 9,000 crore on a conservative basis, it noted.