New Delhi: Buyers of cargo electric three-wheelers may not be able to avail government subsidy as the PM E-Drive incentive targets for this fiscal have been met within weeks of the scheme's launch.

Electric two-wheeler (e2w) sales are also close to the scheme saturation goal of one million units for 2024-25, with eligible manufacturers already reporting sales of over 690,000 e2w, official data show.

The Ministry of Heavy Industries (MHI) had announced plans to incentivise 80,546 large electric three-wheelers (e-3w of L5 category) under the scheme this financial year.

"The vehicles sold and registered beyond the targeted number will not be eligible for incentive in FY 24-25," the ministry order had said.

Eligible manufacturers have already reported sales of over 82,000 e-3w (L5).

Companies are expected to submit required documents seeking EV subsidies from the MHI in the coming three months.

According to an order issued to all concerned OEMs, 79,974 e-3W (L5) sales were reported till November 7.

Sales made under the erstwhile Electric Mobility Promotion Scheme 2024 (EMPS 2024) have also been subsumed under PM E-Drive, which has been in force from last month.

For e2w, the scheme aims to subsidise one million units, of which nearly 70% have already been sold, according to sales reported by OEM.

Sales of smaller e3w vehicles under the e-rickshaw and e-cart variant, however, are lagging far behind goals with just 1,214 units being sold against a target of 43,371 units for the current fiscal.

The PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-Drive) Scheme is aimed at promoting sale of locally made units.

The new scheme launched on October 1 this year replaced the Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme that ended on March 31, 2024.

It offers demand Incentives for e-2W, e-3W, e-ambulances, e-trucks and other new emerging EV categories. The scheme also offers grants for creation of capital assets such as e-buses, establishment of a network of charging stations and upgradation of MHI testing agencies.

The scheme was launched for a two-year period ending next fiscal. During 2025-26, the Centre aims to subsidise sales of 1.42 million e2w, 125,000 L5 e3w, and 67,000 e-rickshaws and e-carts.

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