Re: New Mahindra Reva NXR Launching Soon
Wait till April to buy your electric car or bike, it will be cheaper
India plans to join countries such as the UK and the US to offer incentives and encourage people to drive electric and hybrid cars and two wheelers Mint reported.
The move, from April and which would cost the government Rs 300-500 crore a year, could enourage more people to buy electric cars and bikes in the country. The cost of a electric bike could come down as much as Rs 50,000 and Rs 1.5 lakh for cars once the subidies are introduced.
The biggest local beneficiaries could be Mahindra and Mahindra, which is eager to launch its E20, the four-door electric car later this year and Hero Electric, part of the Hero group. The move comes ahead of Prime Minister Manmohan Singh unveiling the ambitious National Mission Plan for Electric and Hybrid vehicles on 9 January. The plan had been announced in the 2011 budget.
India is expected to spend at least Rs.22,500 crore by 2020 to promote electric and hybrid vehicles, of which the government will provide Rs.13,000-14,000 crore, and the remaining amount will be invested by the auto industry in research and development. By then, seven million electric vehicles will be on road.
A total of about 130,000 electric vehicles were sold in India in 2011-12, according to the Society of Manufacturers of Electric Vehicles lobby group, Mint said.
Wait till April to buy your electric car or bike, it will be cheaper | wheelsunplugged.com