New Delhi: Wade motor company, suzuki Motor Corp and hyundai motor The government on Friday said it was among 20 companies that would be eligible for incentives under India’s $3.5 billion plan to promote clean fuel vehicles.
The cabinet last year approved a scheme under which it would benefit the automobile sector over a period of five years to boost production of electric and hydrogen fueled vehicles and their components.
The scheme is also part of Prime Minister Narendra Modi’s government’s plan to reduce pollution by cutting fuel import bills and encouraging local production of clean vehicles.
The Ministry of Heavy Industries said it has approved applications from 20 companies, including Kia Motors, Tata Motors, Mahindra & Mahindra and softbank-group Ola Electric.
Ford last year decided to stop selling cars in India but still retains two of its factories in the country. The automaker is exploring the possibility of using one of its plants in India as a base to produce electric cars for export.
Tata Motors said it is “committed to shaping India’s vehicle landscape with smart” sustainable mobility solutions,
Suzuki, Hyundai, Kia, Mahindra and Ola did not immediately respond to requests for comment.
A total of 115 automakers and auto part manufacturers had applied for the incentive scheme. The government will announce the final list of auto component manufacturers later.
The incentive will range from 8% to 18% of the sales price of vehicles or components, and will be given to companies if they meet certain conditions such as a minimum investment over five years and a 10% increase in sales each year, Reuters already reported. Reported.
The cabinet last year approved a scheme under which it would benefit the automobile sector over a period of five years to boost production of electric and hydrogen fueled vehicles and their components.
The scheme is also part of Prime Minister Narendra Modi’s government’s plan to reduce pollution by cutting fuel import bills and encouraging local production of clean vehicles.
The Ministry of Heavy Industries said it has approved applications from 20 companies, including Kia Motors, Tata Motors, Mahindra & Mahindra and softbank-group Ola Electric.
Ford last year decided to stop selling cars in India but still retains two of its factories in the country. The automaker is exploring the possibility of using one of its plants in India as a base to produce electric cars for export.
Tata Motors said it is “committed to shaping India’s vehicle landscape with smart” sustainable mobility solutions,
Suzuki, Hyundai, Kia, Mahindra and Ola did not immediately respond to requests for comment.
A total of 115 automakers and auto part manufacturers had applied for the incentive scheme. The government will announce the final list of auto component manufacturers later.
The incentive will range from 8% to 18% of the sales price of vehicles or components, and will be given to companies if they meet certain conditions such as a minimum investment over five years and a 10% increase in sales each year, Reuters already reported. Reported.
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