Rajasthan EV Policy 2021 to further boost RattanIndia's Revolt sales

RattanIndia's Revolt Motors, India's market leader in electric motorbikes welcomed the Rajasthan Electric Vehicle Policy 2021 announced by the state. In the backdrop of other states recently coming up with incentives for adoption of electric vehicles, Rajasthan also announced its EV policy whereby customers of electric two wheelers will get incentives based on battery capacity of vehicle. With battery capacity of 3.24KWh these incentives for Revolt bikes work out to Rs. 10,690 per bike. This includes refund of State GST amounting to 2.5% of the vehicle cost.

These incentives are over and above the FAME II incentives of for EV manufacturers recently announced by the Central Government which amounts to Rs. 48,000 per bike in case of Revolt. Combining these incentives it would mean incentives of atleast Rs. 58,690 per bike sold by Revolt in Rajasthan. While Rs. 48,000 will be paid directly by Central Government to Revolt, Rs. 10,690 will be paid directly into the bank account of the customer.

The implementation of Rajasthan Electric Vehicle Policy 2021 will make EV motorcycles more affordable and accessible to consumers in the state.

More than 20 states are currently in the process of coming out with their EV incentive policies. These incentives by Rajasthan follows suit on incentives by various state governments to encourage EV adoption in their states. Following are incentives to customers by various state governments for Revolt bikes :

Maharashtra - Rs. 25,000 + free registration + zero road tax
Gujarat - Rs. 20,000 + free registration
Delhi - Rs. 16,200 + free registration + zero road tax
Meghalaya - Rs. 32,000 + free registration+ zero road tax

The above incentives are over and above the incentives of Rs. 48,000 per bike given by Central Government directly to Revolt under FAME II policy.

Commenting on the incentives by Rajasthan Govt. Anjali Rattan, Business Chairman of RattanIndia Enterprises said "The country expects to have more than 50 lac EV two wheelers over next 5 years. These incentives by state governments will certainly expedite reaching that goal."

Rahul Sharma, MD of Revolt Motors said "Three big states have come out with EV incentive policies in last one month alone and more than 20 states are working on release of their incentive schemes. These incentives scheme show the seriousness of the government to encourage EV adoption. These incentives will certainly accelerate mass EV adoption in the country.

With falling battery prices, EV bikes prices are already comparable to their petrol counterparts. Revolt running cost is approximately Rs. 9 per 100 kms as compared to petrol bikes which cost Rs. 250 per 100 kms gives a huge savings on running cost to customers.

Shares of RattanIndia Enterprises Limited was last trading in BSE at Rs. 52.8 as compared to the previous close of Rs. 50.3. The total number of shares traded during the day was 977865 in over 2315 trades.

The stock hit an intraday high of Rs. 52.8 and intraday low of 50.5. The net turnover during the day was Rs. 51581953.

Source : Equity Bulls

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