Ampere Primus, Magnus EX prices hiked by up to ₹39,100 after FAME II revision
Ampere Electric, the electric two-wheeler brand of Greaves Electric Mobility, has announced a price hike of up to ₹39,100 across its electric scooter range. With the FAME II subsidy revised from June 1, 2023, electric two-wheeler makers have announced new prices across their respective offerings. Ampere joins this list with prices of the Primus, Magnus EX and Zeal EX hiked.
As per the FAME II subsidy revision, the Ampere Zeal EX receives a price hike of ₹20,900 and now retails at ₹95,900, while the Magnus EX is more expensive by ₹21,000 and is currently priced at ₹1.05 lakh. The top-spec Ampere Primus gets the maximum price hike of ₹39,100 and is now priced at ₹1.49 lakh. All prices are ex-showroom. Certainly, the Ampere range loses its cost advantage by a significant margin and now comes quite close to the prices of the Ather 450X, Ola S1 Pro, Bajaj Chetak and the like.
Ampere was the fifth-largest electric two-wheeler player in May this year after Ola, TVS, Ather, and Bajaj Auto. The company sold 9,632 units last month, growing 12 per cent month-on-month. However, it needs to be seen how the price hike affects the electric two-wheeler market. With other models moving further up the price band, it’ll be interesting to see if the models like the Magnus EX and Primus benefit from the collective hike.
Apart from the subsidy reduction, Greaves Electric is also dealing with allegations of violating the Phased Manufacturing Program (PMP) guidelines under the FAME II scheme. The Ministry of Heavy Industries wrote to Greaves Electric to return ₹124 crore plus interest claimed by the company as a subsidy. Furthermore, the ministry is considering disqualifying the company from the subsidy scheme for the violations. In a statement, Greaves Electric said that it was working with the government to understand the violations and take the necessary steps to correct the same.
Apart from Ampere, other EV players including TVS, Ola Electric, and Ather Energy announced price hikes as per the latest FAME II subsidy norms. Hero Electric is the only exception to not pass on the subsidy reduction to customers.