Hero Electric cuts prices of popular EVs by up to 33%
NEW DELHI: Electric two-wheeler maker, Hero Electric on Friday said it has slashed prices for its popular models by up to 33% following enhanced subsidies under Faster Adoption and Manufacturing of Electric Vehicles (FAME II) scheme.
In response to the amendments to the FAME II policy in India, the company said it is passing on the cost benefit to customers. The decrease in prices ranges from 12% for single battery variants to 33% for the triple battery Nyx HX model, Hero Electric said in a statement.
Under the new prices, the Photon HX model will be available at ₹71,449 as compared to ₹79,940 earlier. Similarly, the NYX HX (Triple Battery) will come at ₹85,136, down from ₹1,13,115 earlier. The Optima ER will now be available at ₹58,980 as compared to ₹78,640 before, the company said.
Hero Electric CEO Sohinder Gill said, “The revision in subsidies on batteries and EVs overall under the FAME policy is just the move the industry needed to drive adoption of electric vehicles.” Having had one of the best years in terms of sales despite the pandemic last year is a testimony that the market is ripe for a major push towards shifting towards a cleaner mobility solution, he added.
Gill said Hero Electric has seen a major spurt in the adoption of its ‘City Speed Series’— high speed electric scooters—in the last two years and with this additional subsidy, multi-fold increase in the sale of such models is expected. “With such industry friendly moves from the policy makers, we expect the market to further touch 5-7 million units on road over the next 5 years,” he added. In the recently modified FAME II scheme, the Ministry of Heavy Industries had increased demand incentives on electric two-wheelers to ₹15,000 per kWh, against ₹10,000 per kWh uniform subsidy available earlier.