Boost for electric and hybrid cars with Rs 1.5 Lakh subsidy; Tata Motors, M&M to gain

Apr 18 2014, 09:04 IST
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The move will give a boost to homegrown auto majors M&M and Tata Motors, both of which have been developing the same. The move will give a boost to homegrown auto majors M&M and Tata Motors, both of which have been developing the same.
SummaryMove to give boost to M&M, Tata Motors, both of which have been developing XeV technologies.

duties are paid and then, the registration for the vehicle,Ē the source said.

The incentives are part of the National Electric Mobility Mission Plan 2020 announced by Prime Minister Manmohan Singh in January last year to reduce dependence on imported oil and supplement efforts for a greener transport system. The mission is expected to require a total investment of over Rs 23,000 crore from both the government and the industry. Originally expected to be implemented from April 2013 in a phased manner, the estimate as per a Booz & Co study is that a market for 6-7 million electric vehicles could be created by 2020 resulting in fuel savings of 2.2-2.5 million tonnes.

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