In a fresh regulatory action against Ola Electric, the country's largest electric two-wheeler manufacturer, the Automotive Research Association of India (ARAI) has raised new concerns over the company's recent pricing practices.
In an October 8 email to the Bhavish Aggarwal-led company, the association flagged Ola's failure to inform it about a price reduction for its S1 X 2 kWh model before the launch of the 'BOSS' sale. This oversight could affect the model's eligibility for a government subsidy under the PM Electric DRIVE Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) scheme.
ARAI is an automotive testing agency under the Ministry of Heavy Industries.
ARAI provides certification to original equipment manufacturers (OEMs) in accordance with the Central Motor Vehicle Rules and certifies OEMs seeking incentives under various Central government schemes.
In its 'BOSS' sale, Ola Electric slashed the price of its vehicle from 74,999 to ₹49,999. However, the company has declared an ex-factory price of ₹75,001 for this model to ARAI. Based on this price and a battery capacity of 2 kWh, the model is certified to receive a subsidy of ₹10,000.
This story is from the October 14, 2024 edition of Business Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the October 14, 2024 edition of Business Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
A singular life in plural India
In India today it is difficult to imagine a period of uninterrupted communal harmony, with reports of lynching, hate speech and bigotry surfacing with rising frequency.
11 dead in fire after LPG tanker crashes into vehicles on Jaipur-Ajmer highway
An LPG tanker collided with a truck on Friday, sparking a massive fireball that turned a stretch of the Jaipur-Ajmer highway into an inferno in which 11 people were killed and 37 vehicles engulfed in flames.
FMCG firms roll out tailored offerings for golden years
Affluent and health conscious, mature consumers are becoming selective about what they buy. Businesses are stepping up to meet their needs
SPHERES OF INFLUENCE
New districts are being announced more because of demands by influential groups than empirical studies, usually in the buildup to elections
Accenture Q1 showing a shot in arm for IT stocks
Strong US economy bodes well for Indian IT firms, say analysts
Sun Pharma: Down, but not out
Despite short-term blip, pharma major remains favourite among investors
Mirae Asset MF's AUM crosses ₹2 trn mark
Mirae Asset Investment Managers (India) on Friday announced that its mutual fund (MF) assets under management (AUM) has crossed the ₹2 trillion mark on the back of 54 per cent compound annual growth rate (CAGR) in the past five years.
PIL in HC seeks action against Amfi for 'misleading' ads
A public interest litigation (PIL) has been filed in the Bombay High Court seeking directions to Securities and Exchange Board of India (Sebi) to revoke the permissions granted to mutual fund body Association of Mutual Funds in India (Amfi) for \"misleading\" and \"deceptive\" advertisement campaigns under the investor education and protection measures.
IPO frenzy: Six issues fully subscribed; IGI at 13% premium on listing day
The initial public offerings (IPOs) of DAM Capital Advisors, Sanathan Textiles, Concord Enviro Systems, Mamata Machinery and Transrail Lighting, whose issues are on their penultimate day, were subscribed between 1.24 and 37.75 times.
Debt funds to deliver best show in 4 yrs
Strong performance attributed to bond index inclusion and fiscal prudence, say experts
