Rajasthan EV Policy 2021 to further boost RattanIndia’s Revolt sales; stock ends 5% higher

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 Rs10,690 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 Rs48,000 per bike in case of Revolt. Combining these incentives, it would mean incentives of at least Rs58,690 per bike sold by Revolt in Rajasthan. While Rs48,000 will be paid directly by Central Government to Revolt, Rs10,690 will be paid directly into the bank account of the customer.

The stock ended at Rs8.01 up by Rs0.38 or 4.98% from its previous closing of Rs7.63 on the BSE. The scrip opened at Rs7.90 and has touched a high and low of Rs8.01 and Rs7.65 respectively.

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.

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.

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( With inputs from indiainfoline)