To encourage more people to switch to electric vehicles (EVs) in India, the government initiated the FAME 2 (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles) subsidies on the purchase of an electric bike or scooter, which makes them more affordable to buy. But this scheme could end on March 31, 2024.
Taking that into consideration, we have put together a price list of the most popular electric bikes and scooters, with and without FAME 2 subsidy. This list should give you an idea of what the EV prices would look like after March:
| Model Name | Ex-Showroom Price (Including FAME 2 Subsidy) | FAME 2 Subsidy | Ex-Showroom Price (Without FAME 2 Subsidy) |
| Ola S1 Pro | Rs 1,29,999 | Rs 22,424 | Rs 1,52,423 |
| Ola S1 Air | Rs 1,04,999 | Rs 18,306 | Rs 1,23,305 |
| Ola S1 X+ (3kWh) | Rs 84,999 | Rs 16,780 | Rs 1,01,779 |
| Ola S1 X (4kWh) | Rs 1,09,999 | Rs 16,780 | Rs 1,26,779 |
| Ola S1 X (3kWh) | Rs 89,999 | Rs 13,729 | Rs 1,03,728 |
| Ola S1 X (2kWh) | Rs 79,999 | Rs 12,204 | Rs 92,203 |
| Ather 450X (3.7kWh) | Rs 1,44,923 | Rs 22,485 | Rs 1,67,407 |
| Ather 450X (2.9kWh) | Rs 1,38,002 | Rs 21,488 | Rs 1,59,489 |
| Ather 450S (2.9kWh) | Rs 1,09,999 | Rs 21,041 | Rs 1,56,042 |
| Ather 450 Apex | Rs 1,88,999 | – | Rs 1,88,999 |
| TVS iQube | Rs 1,34,422 | Rs 21,131 | Rs 1,55,553 |
| TVS iQube S | Rs 1,40,025 | Rs 22,065 | Rs 1,62,090 |
| Bajaj Chetak Urbane | Rs 1,15,002 | Rs 17,897 | Rs 1,32,899 |
| Bajaj Chetak Premium | Rs 1,35,463 | Rs 21,150 | Rs 1,56,613 |
| Vida V1 Plus | Rs 1,45,000 | Rs 22,335 | Rs 1,67,355 |
| Vida V1 Pro | Rs 1,45,900 | Rs 22,485 | Rs 1,68,385 |
| Tork Kratos R | Rs 1,49,999 | Rs 22,500 | Rs 1,72,499 |
| Ultraviolette F77 STD | Rs 3,80,000 | – | Rs 3,80,000 |
| Ultraviolette F77 Recon | Rs 4,55,000 | – | Rs 4,55,000 |
The electric vehicle (EV) usage in India’s two-wheeler market is currently around 5 percent, and the FAME 2 subsidies have played a significant role in reaching this level. A few months ago, the Federation of Indian Chambers of Commerce and Industry (FICCI) backed the idea of extending the FAME 2 scheme for another five years, which would mean discounted prices for a longer period. Continuing the FAME 2 scheme currently seems important for achieving an even higher percentage of EV sales in the coming years. However, the situation is currently uncertain, and no decisions have been made by the authorities yet.
Do note that the Ather 450 Apex, Ultraviolette F77, and Ultraviolette F77 Recon don’t come under the FAME 2 subsidy as these manufacturers have not applied for the same.
In recent updates, Ola Electric is offering discounts of up to Rs 25,000 on the Ola S1 Pro, S1 Air, and S1 X+ models, which have been extended till the end of March 2024. Additionally, the manufacturer has launched the Ola S1 X (4kWh) with a larger battery pack. Meanwhile, the bookings for the 2kWh and 3kWh variants’ began in February 2024.
Tork Motors is also running a huge discount on the Kratos R, bringing down the electric bike’s ex-showroom price by Rs 37,500. It is also valid till March 31.
And finally, Ather Energy is all set to launch a new family scooter called the Ather Rizta on April 6 during the Ather community day. This scooter showcases a boxy design, a spacious single-piece seat and is positioned as an everyday family scooter.
