In the logistics business, companies are now preferring to invest in electric vehicles instead of conventional vehicles. The cost of running electric vehicles is very less, as well as their maintenance cost is also very less. EVIFY says that operating costs from electric vehicles will be substantial, which will increase the company’s profits.
Recently, Hero Electric has tied up with Even Cargo to deliver 10,000 electric scooters. Even Cargo is an all-women operator operated delivery platform. Apart from this, the company has launched a last-mile delivery platform. shadowfax Ltd. has also partnered to give 10,000 electric scooters.
Hero Electric is setting up charging stations across the country for its vehicles. Hero will have 10,000 charging stations by the end of 2022. The company also informed that these charging stations will be available for use by all types of electric vehicles and the standard charging option will be provided to the electric vehicles.
Hero Electric is the leading manufacturer of electric two-wheeler vehicles in the country. The company manufactures several scooter models and has also been instrumental in building the infrastructure for electric vehicles in the country. High-speed city scooters NYX and Optima contribute significantly to the company’s sales. Hero Electric offers several such high-speed and low-speed electric scooters.
Explain that along with the central government, many state governments are also giving exemption in road tax and registration fee of battery operated vehicles under their electric vehicle policies. Apart from this, to encourage electric vehicle manufacturers, the GST rate on all battery-operated vehicles has been reduced from 12 percent to 5 percent. Apart from this, many state governments are also encouraging the production and sale of electric vehicles by giving subsidies and discounts.
Explain that the central government has approved a production-linked incentive (PLI) scheme of Rs 26,000 crore for the automobile sector. However, unlike the previous plans, this time the government is focusing on the electric vehicle sector. Last year, the central government had announced a Rs 57,043 crore PLI scheme for the automobile and components sector. However, the government has reduced the plan for the sector to Rs 25,938 crore to focus on hydrogen fuel and electric vehicles. This scheme is implemented for 5 years.