The company also informed that it is in the process of investing INR 150 crore to set up a new manufacturing facility in Rajasthan near the company’s existing plant
Following the partial amendment to the government’s Faster Adoption and Manufacturing of Electric Vehicles in India Phase II (FAME India Phase II) Scheme, Gurugram-based electric scooter brand Okinawa Autotech has announced that it has slashed the prices of its entire product range.
The company’s Praise+ electric scooter is now priced at INR 99,708 against INR 1,17,600 earlier. Similarly, Praise Pro is now tagged at INR 76,848, a drop of INR 7,947 from INR 84,795 earlier.
In an effort to encourage adoption of electric mobility in the country, the government has recently notified amendments to the FAME-II Scheme of which key modifications include incentives of Rs 15,000 per KWh for electric 2 wheelers, with a cap of incentives at 40 percent of the cost of the vehicles, up from 20 per cent earlier. The incentives also previously stood at Rs 10,000.
Okinawa Autotech Managing Director and Founder Jeetender Sharma said in a statement, “Lowering the prices of electric scooters in the country will serve as a stepping stone and help persuade more riders to switch from a combustion-engine model to an electric one.”
The company’s localisation strategy has allowed it to set the bar of high-quality products that are not only transforming the perception of electric scooters in the customer minds but achieving this without burning a hole in customer pockets, he added.
“With our plans to achieve 100 per cent localisation by the end of this fiscal year, we are certain to change the face of the two-wheeler electric vehicle industry in the country,” Sharma added.
Okinawa said it has already sold around 90,000 electric scooters as of May this year.
The company also informed that it is in the process of investing INR 150 crore to set up a new manufacturing facility in Rajasthan near the company’s existing plant.
