Okinawa's all-electric scooters see a price cut - courtesy GST revision and FAME-II subsidy
The GST rate on all-electric vehicles (EV) was brought down from 12 per cent to five per cent last month. The move has benefitted most of the EVs including Okinawa. Okinawa's e-scooters powered by lead-acid batteries i.e the Ridge, Praise, Raise and Ridge get a price cut ranging between Rs 2,500 and Rs 4,700 depending on the model. Meanwhile, the models using Li-ion battery such as the I-Praise and Ridge-Plus cost between Rs 3,400 and Rs. 8,600.
Adding to that, the GST rates on chargers have come down to 5 per cent from 18 per cent, this has been implemented since August 1, 2019.
Jeetender Sharma, Founder and Managing Director, Okinawa Autotech Pvt. Ltd. said, "The Union Budget gave a much-needed push to the EV industry and the GST rate cut is even more welcoming. The 7 per cent GST reduction has reduced the upfront cost of buying Okinawa scooters by Rs 2,500 - 8,600. This coupled with FAME-II subsidies will take a significant chunk out of the acquisition price, making our range of scooters strong options for urban commuters."
"This latest concession for sustainable mobility has reduced the price gap between the EVs and the IC engine vehicles. Rising affordability will foster faster adoption of electric vehicles. The GST rate cut has reduced the ex-showroom prices of electric two-wheelers in India, and is expected to increase demand for cleaner vehicles. We are confident that it would encourage more and more people to look at electric vehicles as a viable option," Sharma added.
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