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RattanIndia's Revolt Motors welcomes Gujarat Electric Vehicle Policy 2021

Posted On: 2021-06-23 16:53:31 (Time Zone: UTC)

RattanIndia's Revolt Motors, India's next gen-mobility company welcomed the Gujarat Electric Vehicle Policy 2021 announced by the state. As per the policy effective from 1 July 2021, Gujarat state government will pay Rs. 10,000/- per KWh as Direct Benefit Transfer (DBT) incentive to the EV bike customers for every EV bike sold in Gujarat. These incentives are linked to the battery capacity of EVs and with battery capacity of 3.2 KWh for Revolt's RV400 EV bikes, Revolt customers will save atleast Rs. 20,000 per bike. This is over and above the FAME II incentives of Rs. 15,000 per KWh for EV manufacturers recently announced by the Central Government whfich amounts to Rs. 48,000 per bike for Revolt. Combining the two incentives it would mean incentives of atleast Rs. 68,000 per bike sold by Revolt in Gujarat. This policy could mean incentives of more than Rs. 870 crores for 2 lac EVs to be sold in Gujarat.

Gujarat was one of the first states where Revolt started its sales in February 2020 and looking at the huge demand, company is fast scaling up its sales dealership network in the state. The implementation of Gujarat Electric Vehicle Policy 2021, in addition to the FAME II incentive, will accelerate the process of EV adoption in the state. The increased subsidy being offered under the new scheme will make EV motorcycles more affordable and accessible to consumers.

These incentives in Gujarat come in addition to the incentives given by the Central Government. Gujarat follows suit on incentives by various state governments to encourage EV adoption in their states. Delhi Government gives direct incentive of Rs. 5,000 per KWh or about Rs. 16,200 per bike for Revolt customers. Similarly, Meghalaya has incentive of Rs. 32,000 per bike for Revolt and Bihar has also proposed a similar amount as incentive. In addition states of Telangana, Tamil Nadu and Delhi have also waived off the road tax for EV two wheelers.

These incentives by the Central Government and various State Governments show the seriousness of the government to encourage manufacturing and EV adoption in country. With falling battery prices, EV bikes prices are already comparable to their petrol counterparts. With EV running cost of approximately Rs. 9 per 100 kms, these bikes have very low running cost as compared to petrol bikes which cost Rs. 250 per 100 kms.

Shares of RattanIndia Enterprises Limited was last trading in BSE at Rs.34.9 as compared to the previous close of Rs. 33.25. The total number of shares traded during the day was 2798681 in over 3779 trades.

The stock hit an intraday high of Rs. 34.9 and intraday low of 32.05. The net turnover during the day was Rs. 96301384.

Source: Equity Bulls

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