If you are also considering buying an electric four-wheeler, this is the right time. Because at present Tata, a well-known company in the automobile industry, has reduced the prices of all its electric four wheelers. The company is giving bumper discounts on these electric cars. Let’s know why the company is doing this.
The growing interest in electric vehicles is mostly due to the subsidies provided by the federal and state governments to entice individuals to switch. While states have subsidy programmes, the federal government provides EV subsidies through the FAME II programme. Some governments provide further advantages, such as no road tax or registration charge for EVs.
Purchasers could save approximately Rs 2-3 lakh when subsidy programmes were available for the Tata Nexon EV. This is a big sum that significantly increased Nexon EV sales. At the moment, it controls more than 80% of the market.
Nexon EV price cut:
The price of Nexon EV has increased because it is no longer eligible for subsidies. Sales have fallen as a result of this. Tata Motors is currently providing attractive discounts to increase sales. Buyers of Nexon EV Prime may receive discounts of up to Rs 90,000. An up to Rs 80,000 discount is available to those purchasing Nexon EV Max.
These reductions are in addition to those Tata Motors already disclosed. Prices for the Nexon EV Prime were reduced by up to Rs 50,000 in January 2023. The price reduction for the EV Max was up to Rs 85,000. Price reductions were attributed to the company’s success in the government’s Production Linked Incentives (PLI) programme. Manufacturers of EVs and hydrogen fuel cell EVs are encouraged by this programme (FCEV). Tata distributed the cost advantages to customers.
With the discount and price cuts, the total cost benefit available with Nexon EV Prime is around Rs 1.4 lakh. In the case of Nexon EV Max, buyers stand to gain from savings of up to Rs 1.65 lakh. This is around half of the savings available with FAME II and state subsidies. Reduced pricing for Nexon EV can also help tackle the threat from rival XUV400. The latter has larger dimensions, more power and torque and faster acceleration. Moreover, XUV400 bookings have already crossed 10,000 units. With reduced pricing, Nexon EV can emerge as a more value-for-money offering.
No subsidy for Nexon EV:
According to FAME II, the subsidy for electric vehicles is Rs 10,000 per kWh. The maximum limit is 20 per cent of the EV’s total cost. The EV must be provided for less than Rs 15 lakh to qualify. Although Nexon EV once satisfied this condition, it is only offered for Rs 15 lakh. Thus, FAME II subsidies are not applicable.
Governmental subsidies for the Nexon EV are no longer available in states like Maharashtra. Formerly, Maharashtra offered EVs with a subsidy of Rs 5,000 per kWh. The top limit was set at Rs. 1.50 lakh. EV owners might also take advantage of early bird discounts if they bought their cars before December 31, 2021. Afterwards, it was extended to March 31, 2022. Nexon EV purchasers won’t be eligible for this advantage because state subsidy allotments have already been used.
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