UP to extend EV subsidy scheme for 3 more years

The Uttar Pradesh government has extended its policy on electric vehicle manufacturing and mobility till 2027, according to CNBC TV. From the latest update, the government has added an extra three years to the availability of the subsidies and incentives mentioned in the programme.

The goal of the policy, which was introduced in October 2022, is to encourage the use of sustainable transportation options and create an atmosphere that will encourage the state to embrace EVs.

The expansion follows Uttar Pradesh's decision to waive road tax and registration costs for all hybrid cars, further increasing consumer savings.

The Uttar Pradesh government would provide EV customers with up to ₹1 lakh for fully electric automobiles and ₹5,000 for two-wheelers under the initiative. Additionally, the programme provides ₹20 lakh for private electric buses and ₹12,000 for each electric three-wheeler.

The New Electric Vehicle Manufacturing and Mobility Policy, 2022, reduces the upfront cost of EVs making them more affordable for individual buyers. Meanwhile, on the supply side, the EV manufacturers will also get benefits as the UP government is planning to bring more investment and technology into production in the state.

Moreover, the state government is also providing incentives for service providers, which benefits EV producers.

Under the initiative, a subsidy of ₹5,000 is announced for electric two-wheelers and ₹1 lakh is the incentive is declared for four-wheelers. Moreover, for private electric buses and e-three-wheelers, the initiative offers a subsidy of ₹20 lakh and ₹12,000 per vehicle, respective