Revolt Motors secures approval for EV subsidies from India’s Ministry of Heavy Industries, paving the way for more competitively priced electric motorcycles under the EMPS 2024 scheme.
The Ministry has officially approved Revolt Motors of Heavy Industries to benefit from the Government of India’s EV subsidy schemes. The company, a subsidiary of RattanIndia Enterprises, had previously refunded the subsidies received under the earlier FAME-II initiative, resolving all outstanding issues associated with that program.
This approval positions Revolt Motors to take advantage of the ongoing Electric Mobility Promotion Scheme (EMPS) 2024, which offers a subsidy of Rs. 10,000 per motorcycle and is expected to extend into the forthcoming FAME III scheme. The government recently extended the EMPS until September 30, 2024. This financial support will allow Revolt Motors to price their motorcycles competitively, potentially increasing both sales and profitability.
Anjali Rattan, Co-Chairperson of RattanIndia Enterprises, expressed her enthusiasm about the approval, noting that it validates their commitment to the Make in India initiative and efforts to provide sustainable transportation solutions.
Revolt Intellicorp, founded in 2017, continues to be a prominent player in the Indian electric vehicle sector. Through its dealerships, it offers the country’s first AI-enabled motorcycle and a range of related parts and accessories.
RattanIndia Enterprises, a publicly listed entity, spearheads the RattanIndia Group’s venture into new-age businesses, spanning electric mobility, e-commerce, fashion, fintech, and drones, aiming to make a significant impact on various industries and enhance the lives of millions of Indians.
