EV costs to climb as subsidies end March 31


Buyers of electric vehicles (EVs) should consider purchasing by March 31 to take advantage of current subsidies before they end, potentially leading to higher EV prices. The Indian government's FAME-II scheme, which provides financial support for EVs, is set to expire on that date unless extended, and no signs of extension have been communicated. Companies in response are offering substantial discounts to clear existing stocks, with deals reaching up to Rs 37.500. EV battery costs are declining, thanks to global lithium reserves findings and the development of alternative battery technologies, leading to a reduction in lithium-ion battery prices. Electric vehicle sales in India surged to 15.3 lakh units in 2023, and industry growth could benefit from a potential third phase of the FAME subsidy.

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