The manufacturer’s subsidy has already been revoked since quite some time.
The FAME-II subsidy is going to see a significant cutback from tomorrow onwards which means that most EV two-wheeler manufacturers will be forced to revise their prices soon. Amidst this, Hero Electric, one of India’s oldest EV players has announced that it wont be doing so.
Why Hero Electric won’t be hiking its prices
Hero Electric is one of quite a few manufacturers that was under scrutiny for misappropriation of the FAME-II subsidy a few months ago. Following an investigation, MHI revoked the subsidy for Hero Electric as well as Okinawa, which meant that both companies had to revise their prices at that time only. To read more about this matter, you can click here.
Since the FAME-II subsidy was revoked for both these manufacturers, their sales numbers have really plummeted and are among the lowest among the top 7 EV OEMs every month. Click here to read more about that.
Matter has preemptively revised the prices of its upcoming Aera e-bike and in the coming weeks, we expect more EV OEMs to hop on that bandwagon as well.
Also See:
Opinion: Life without the Fame 2 subsidy