RattanIndia Enterprises completed a 100 percent stake acquisition of electric motorcycles manufacturer Revolt Motors back in June this year.
To be sure, OEMs which are yet to repay the government, have contested the government’s claims and some of them have already taken legal recourse to resolve the issue.
In a letter to Minister of Heavy Industries MN Pandey, the Society of Manufacturers of Electric Vehicles (SMEV) said the customers who have taken such subsidies can be asked to return these to the affected OEMs.
The low-cost financing scheme will provide customers with the option to purchase motorcycles at a low rate of interest of 5.99% per annum
With this move, Revolt will become the first such a two-wheeler manufacturer to sell an electric motorcycle built in India for global markets.
Now Revolt Motors has become a 100 per cent subsidiary of RattanIndia Enterprises Ltd.
To grant upfront subsidies to EV producers, the Indian government has created the Faster Adoption and Manufacturing of Electric Vehicles in India II (FAME II) scheme with an investment of Rs. 10,000 Crore
Rajasthan last week became the 16th state in the country to come out with an EV policy that will subsidise customers of electric vehicles by offering to reimburse SGST (State Goods and Service Tax) besides a one-time incentive based on the battery capacity.
Revolt Motors claimed that these sales came against the backdrop of petrol prices reaching over Rs 100 in several cities. It added that with running cost of Revolt electric bikes being Rs 9 per 100 km compared to petrol bikes which cost Rs 250 per 100 km, the cost saving for its RV400 bikes is hard to miss.
The bikes are being dispatched to the customers in various parts of the country from its greenfield (new) manufacturing plant at Manesar in Haryana.
We expect the bike to use the same motor and battery as the one in the RV400. Since this is expected to be the company's flagship motorcycle, there is a small chance of a bigger motor as well