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Centre Mulls Action Against Hero Electric, Okinawa And Benling India For Not Repaying FAME Subsidy
Inc42
·
1y ago
Medial
The Indian government is considering taking legal action against Hero Electric, Okinawa Autotech, and Benling India for the non-repayment of subsidies they obtained under the FAME scheme. The Ministry of Heavy Industries is looking into potential involvement of agencies such as the CBI or Enforcement Directorate for a thorough investigation into subsidy misuse. The government estimates that it could recover around INR 155 Cr from Hero Electric, INR 125 Cr from Okinawa, and INR 50 Cr from Benling. Other companies, including Ampere EV, Revolt Motors, and Lohia Auto, have resolved the issue by refunding the subsidies along with penal interest.
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Govt Committee Gives Clean Chit To Hero Electric, Okinawa Autotech In FAME Violation Case
Inc42
·
1y ago
Medial
The Indian government is investigating manufacturers' non-compliance with FAME-II regulations after receiving complaints. A committee from the Ministry of Heavy Industries has given a clean chit to Hero Electric and Okinawa Autotech, clearing them of any breaches of the phased manufacturing program (PMP) guidelines under the FAME II Scheme. The government aims to reclaim approximately INR 155 Cr from Hero Electric, INR 125 Cr from Okinawa, and INR 50 Cr from Benling India. The government had considered legal action against the companies for not repaying wrongly obtained subsidies under the FAME scheme.
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Indian govt to take legal action against EV makers for subsidy misuse: Report
IndianStartupNews
·
1y ago
Medial
The Indian government is considering taking legal action against three electric vehicle (EV) manufacturers - Hero Electric, Okinawa Autotech, and Benling India - for not repaying subsidies they claimed under the FAME scheme. The Ministry of Heavy Industries aims to recover a total of around Rs 300 crore from the companies. The government may involve investigative agencies such as the Central Bureau of Investigation or the Enforcement Directorate to probe the fraudulent activities. The accused companies have defended their adherence to the FAME scheme guidelines.
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Govt May Restore EV Subsidies For Revolt Motors, Greaves And Amo Mobility: Report
Inc42
·
1y ago
Medial
Revolt, Greaves, and Amo have paid back INR 170 Cr in wrongfully claimed subsidies after receiving recovery notices from the government. However, Hero, Okinawa, and Benling have challenged the recovery notices and refused to repay the subsidies. The government was considering legal action against these companies earlier in March.
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Smaller EV players nearly wiped out as FAME-II crackdown triggers sales collapse - The Economic Times
Economic Times
·
25d ago
Medial
A government crackdown on electric two-wheeler makers for violating FAME-II subsidy norms led to a significant market shake-up, severely impacting smaller companies. While companies like Hero Electric faced insolvency and others like Okinawa Autotech and Ampere Vehicles saw drastic sales drops, larger firms such as TVS and Bajaj have benefited. New policy initiatives, like the anticipated FAME-III, aim to support compliant manufacturers and strengthen the shift towards electric mobility with stricter guidelines.
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Two-Wheeler EV Registrations Remain Flat MoM In Feb; Ather, TVS Motor See Decline
Inc42
·
1y ago
Medial
Electric two-wheeler registrations remained steady in February, with a total of 81,963 units registered, almost the same as January's figures. Ola Electric was the leader in terms of registrations, with 33,722 units, followed by TVS Motor with 14,499 units and Bajaj Auto with 11,618 units. Ather Energy saw a decline in registrations, while Hero MotoCorp experienced a significant month-on-month increase at 17%. Other players, including Okinawa Autotech and Hero Electric, continued to struggle, possibly due to FAME-II subsidy issues. Overall, EV registrations across categories in February dropped slightly to 1.4 Lakh units.
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Ola Electric, TVS, Bajaj expand e-scooter market share amid overall rise in sales
Economic Times
·
1y ago
Medial
In FY24, Ola Electric, TVS Motors, and Bajaj captured larger market shares in the electric scooter market, according to government data. Ola Electric held a 35% share with 3,28,254 registrations, followed by TVS Motors (19%) and Bajaj Auto (12%). The overall non-transport electric two-wheeler market grew by 30% to 9,41,583 registrations. Okinawa and Hero Electric, however, lost market share and face potential legal action for not repaying subsidies. Despite a temporary decline due to reduced subsidies, the market rebounded. Ola Electric extended warranties and introduced plans to set up fast-charging points and expand service centers. Ola Electric's monthly sales reached a record high of 53,184 registrations in March.
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HC Trashes Okinawa Plea To Restrain Govt From Recovering Sops
Inc42
·
11m ago
Medial
Three original equipment manufacturers (OEMs) have returned the subsidy amount after receiving demand notices from the government. Okinawa, an electric vehicle (EV) maker, argued that without interim relief, it would have to file for insolvency. The Ministry of Heavy Industries (MHI) issued a notice to Okinawa in May 2020, demanding payment for allegedly violating domestic manufacturing mandates under the FAME-II scheme.
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Hero Electric Agrees To Pay Penalties For FAME-II Violations
Inc42
·
9m ago
Medial
Hero Electric, an electric vehicle (EV) maker, has agreed to pay penalties for any violations or lack of compliance related to the EV subsidy scheme. The company has also requested the reversal of its blacklisting from receiving new EV incentives and the release of pending subsidies. Hero Electric is challenging the Ministry of Heavy Industries (MHI)'s demands for the return of subsidies worth INR 133 crore and additional interest over alleged violations of FAME II norms.
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No abuse of dominance: CCI on rejecting plea against Ola, 3 others
Inshorts
·
1y ago
Medial
The Competition Commission of India has dismissed a plea that accused four two-wheeler EV makers of abusing their dominant position in the market. The plea claimed Ola Electric, Ather, Hero MotoCorp and TVS Motor were misusing the FAME subsidy to under-price vehicles and restrict small automakers. "None of the market players appear to have a stable market share," CCI noted.
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Ola Electric gains market share in FY24, but so do TVS, Bajaj
The Arc Web
·
1y ago
Medial
Ola Electric has seen a significant increase in market share, becoming a leader in the sales of two-wheeler electric vehicles for the fiscal year ending March 2024. Bajaj and TVS Motors have also experienced impressive gains. Ola's market share rose to 35% from 22%, Bajaj Auto went from 4.2% to 12.4%, and TVS Motors increased to 19.5% from 12%. Ather Energy maintained its market share at 11.5%. However, the gains for Ola and Bajaj came at the expense of Okinawa and Hero Electric. The increase in sales can be attributed to the expiration of FAME II subsidies and the government's interim policy. Ola Electric has also filed for a $660 million primary share sale.
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