If you’re considering buying an electric vehicle (EV), December 2024 might just be the perfect time! Several automakers in India are rolling out attractive discounts and benefits this month, giving consumers a great opportunity to make the switch to eco-friendly transportation. Here’s a detailed look at the deals on offer across various brands:
Tata Motors EV Discounts
Tata Motors, known for having one of the most extensive EV lineups in India, is offering some impressive year-end deals:
• Tiago EV and Tigor EV (MY24): Discounts and benefits up to Rs 1.15 lakh, with exchange bonuses available on select variants.
• Tiago EV and Tigor EV (MY23): Even better discounts here—up to Rs 2 lakh, plus an additional exchange bonus of up to Rs 1 lakh depending on inventory.
• Punch EV (MY24): Discounts range from Rs 25,000 for lower variants to Rs 70,000 for the top-end versions, including exchange bonuses for select variants.
• Nexon EV (MY24): While no official discounts are announced, some dealerships might offer benefits depending on unsold stock.
• Nexon EV (MY23): Significant discounts of Rs 3 lakh on pre-facelift Prime and Max variants. The facelifted version gets discounts of around Rs 2 lakh.
MG Motor India EV Discounts
MG Motor is also offering noteworthy discounts on its EV lineup:
• MG Comet: Discounts and benefits go up to Rs 75,000, with higher offers possible at outlets with more unsold inventory.
• MG ZS EV: Depending on stock, discounts range from Rs 1.5 lakh to Rs 2.25 lakh.
• MG Windsor EV: As a newly launched model, no discounts are currently available.
Mahindra EV Discounts
Mahindra has focused its offers on its electric SUV:
• XUV400: Benefits worth Rs 3.10 lakh on both battery options.
Hyundai EV Discounts
Hyundai’s electric lineup is also seeing some hefty price cuts this month:
• Hyundai Ioniq 5: Discounts go up to Rs 2 lakh.
• Hyundai Kona Electric: A flat Rs 2 lakh cash discount on all variants, especially for pending inventory.
Government Schemes and Incentives
On top of these manufacturer discounts, various government initiatives are in place to encourage EV adoption:
- PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-Drive)
- Launched on October 1, 2024, with a budget of Rs 3,679 crore for subsidies and demand incentives.
- Targets funding for 24.79 lakh electric two-wheelers, 3.16 lakh electric three-wheelers, and 14,028 e-buses.
- Allocates Rs 500 crore for e-ambulances.
State-Specific EV Policies
- Delhi: Offers 100% road tax exemption for 200,000 electric two-wheelers, 20,000 electric three-wheelers, 5,000 electric four-wheelers, and 500 e-buses.
- Maharashtra: Discounts of Rs 5,000 per vehicle for 100,000 electric two-wheelers, 15,000 three-wheelers, and 10,000 four-wheelers.
- Tamil Nadu: Offers Rs 10,000 per vehicle for 6,000 two-wheelers, 15,000 three-wheelers, and 3,000 four-wheelers.
Electric Mobility Promotion Scheme 2024 (EMPS 2024)
- Launched by the Ministry of Heavy Industries with a Rs 500 crore budget for 4 months (April to July 2024).
- Focuses on promoting electric two-wheelers and three-wheelers for commercial use.
- Provides a Rs 5,000 subsidy per kWh of battery capacity, capped at Rs 10,000 per vehicle for electric two-wheelers.
A Few Things to Keep in Mind
• These offers are mostly valid until the end of December 2024.
• Discounts can vary by state, dealer, and vehicle availability.
• Many deals apply specifically to MY24 vehicles.
• Customers may have the flexibility to choose between exchange bonuses or scrappage discounts, depending on eligibility.
With both manufacturers and the government stepping up incentives, December 2024 is shaping up to be a fantastic time to invest in an EV. Not only are these discounts making EVs more affordable, but they also align with India’s broader push toward sustainable transportation and carbon reduction. Given that EV sales in India surged 45% in FY 2024, these offers will likely give an extra boost to the adoption of electric vehicles across the country.
