Monday, January 30, 2023

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New UP government policy makes EVs cheaper

New Delhi: The Uttar Pradesh government has announced its Manufacturing and Mobility Policy 2022, which brings subsidies for all electric vehicles – bikes, scooters, tricycles and cars. Under this new policy, the state government is offering a subsidy of up to Rs 1 lakh on electric cars for a period of three years from the date of notification.

Details of UP Govt Policy for Electric Cars

The policy of the UP state administration applies to all types of electric vehicles – private and commercial – in terms of subsidies. For electric cars, the government has announced a subsidy of 15 percent or up to Rs 1 lakh for the next three years and a budget of Rs 250 crore has been allocated for the purpose.

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E-bikes and scooters get subsidies of 15 per cent up to Rs 5,000, with an allocation of Rs 100 crore. For electric tricycles, the government has earmarked Rs 60 crore to help provide a subsidy of 15 per cent or up to Rs 12,000.

To further encourage EV adoption, the government has waived registration fee and road tax for three years from the date of notification. In addition, for all electric cars manufactured in the state, this discount will also apply in the fourth and fifth year.

For commercial vehicles, the government offers a subsidy of 15 per cent up to Rs 20 lakh on electric buses, while for goods carriers the subsidy is slightly lower at 10 per cent or up to Rs 10 lakh. However, they differ from private vehicles in that commercial vehicles can only use this subsidy once.

The government is incentivizing battery and electric vehicle manufacturers to invest in the state, offering a capital subsidy of 30 percent or up to Rs 1,000 crore per project.

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However, to take advantage of this, the project will have to match or exceed an investment of Rs 1,500 crore and the battery manufacturing capacity will have to exceed 1 GWh (Gigawatt hour). Electric vehicle and battery manufacturers who set up their facilities in the state will also get 100% stamp duty reimbursement.

To develop battery charging and swapping infrastructure in the state, the UP government will lease land for ten years at a cost of Rs 1/kWh.

Read More  –  Latest Auto News

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