Recently, Union Ministry of Heavy Industries has notified partial modifications in the PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM EDRIVE) Scheme to allow subsidy benefits for L5 category electric 3-wheelers.
Key Highlights of the Notification
- Incentive Per Vehicle:
- April 1, 2024 – November 7, 2024: ₹5,000/kWh (capped at ₹50,000 per vehicle).
- November 8, 2024 – March 31, 2026: ₹2,500/kWh (capped at ₹25,000 per vehicle).
- Maximum ex-factory price to avail incentive: ₹5 lakh.
- Fund Allocation: ₹715 crore.
About PM E-DRIVE Scheme
- Objective: To expedite the adoption of EVs by providing upfront incentives for their purchase, as well as by facilitating the establishment of essential charging infrastructure for EVs.
- Time Period: 2024-26.
- Targets
- Support e-2Ws, e-3Ws, and e-buses.
- Installation of fast chargers for e-4Ws, e-buses, and e-2W/3Ws.
- Nodal Ministry: Union Ministry of Heavy Industries.
- 3 Components
- Subsidies: Demand Incentives for e-2W, e-3W, e-ambulances, e-trucks and other new emerging EV categories;
- Grants for creation of capital assets: e-buses, establishment of network of charging stations & upgradation of testing agencies of MHI; and
- Administration of the Scheme including IEC (Information, Education & Communication) activities and fee for project management agency (PMA).
