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Okaya EV has announced a price hike for its electric scooters, owing to the subsidy reduction by the government of India under the amended FAME 2 scheme. The Okaya Faast F4, Faast F3, Faast F2B, and Faast F2T electric scooters' pricing has been increased significantly, revealed the EV manufacturer in an official release.
Okaya EV has said in its official statement that the price hike was necessary to align with the reduction in government subsidies for electric scooters. With the revised pricing, the Okaya Faast F4 now costs ₹139,951 compared to ₹113,999 before, while the Faast F3 now costs ₹129,948 compared to ₹104,999 before. The Faast F2B now costs ₹110,745, compared to ₹94,999 before and the Faast F2T is priced at ₹107,903, up from ₹91,999.
The EV manufacturer has said that the Okaya Faast F4 electric scooter's consumers were eligible for a subsidy of ₹66,000 before. However, due to the subsidy reduction, the revised amount for the scooters has been set to a maximum of ₹22,500, which impacted the overall pricing strategy of the manufacturer.
Speaking about the price hike, Anshul Gupta, Managing Director of Okaya Electric Vehicles, said that the decision to increase the price was driven by the necessity to align with the subsidy reduction. “The decision to adjust our EV prices was driven by the necessity to align with the subsidy reduction. While we understand the impact that’s why we absorbed some of the cost that we can as OEM, we remain dedicated to providing high-quality and sustainable EV solutions. The revised prices will enable us to maintain our commitment to affordability while adapting to the changing subsidy landscape," he said.