Pollution is one of the haunting challenges we are facing today. So, in order to reduce the pollution up to some extent, the government has taken an appreciable step to reduce GST on electric vehicles. Thereby, usage of electric vehicles will be going to increase and fuel-driven vehicles will get reduced and hence it shows the impact on the environment directly. Due to this reduction in GST companies like Okinawa slashed the prices of its electric scooters and other EVs.
Reduction in GST creating ripples in EV Industry?
The GST committee has accepted the government’s budget proposal regarding the reduction of GST for Electric Vehicles from 12 to 5 percent. As a result of this, the prices of electric vehicles have lowered.
Okinawa slashed the prices of its electric scooters
Okinawa has recently announced the reduced prices of its electric scooters. Here are the details of revised prices:
The price of Okinawa range under Lead Acid reduced by Rs 2,500 – Rs 4,700.
and the Li-ion range is in between Rs 3,400-Rs 8,600.
Okinawa electric scooter range on offer includes i-Praise+, Ridge+, Ridge, Praise, Raise and Ridge 30.
Jeetender Sharma, Founder, and Managing Director, Okinawa Autotech Pvt. Ltd. said, “The Union budget gave a much-needed push to the EV industry and the GST rate cut is even more welcoming. The 7 percent GST reduction has reduced the upfront cost of buying Okinawa scooter by Rs 2,500 – Rs 8,600.”
Revised prices of other EV companies
Recently, Hyundai India announced the revised price of its Hyundai Kona Electric car which was launched in the last month at Rs. 25.3 Lakhs, but that has now reduced to Rs. 23.7 Lakhs. In the same way, Ampere vehicles have also diminished the prices of its electric scooters in India. The company has reduced the prices on its products in the range of Rs. 2,000 to Rs. 5,000.
Besides these two companies, multiple companies have also announced reduced prices for their vehicles recently. Renowned company Ather Energy has reduced the prices of its Electric scooters Ather 340 and Ather 450 up to Rs. 9000. Hence, the Ather 340 is now available at 1.02 Lakhs in Bangalore.
If this situation will continue further i.e. if every company will reduce the prices of EVs, the entire EV industry will witness the enormous increase in their sales. Besides that, every citizen will start utilizing electric vehicles and will contribute to the reduction of pollution.
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