Karnataka govt to offer additional incentives to EV industry

Team Udayavani, May 28, 2021, 12:04 PM IST

Bengaluru: The State’s Cabinet on Thursday approved changes to the Karnataka Electric Vehicle and Energy Storage Policy, 2017 to provide more benefits to the electric vehicle (EV) industry.

As per the changes, the government will offer upto 15 per cent of fixed assets value to an EV maker for land less than 50 acres. The payment will be made in instalments for five years.

Additionally, entities manufacturing EV cells, battery packs and modules, charging infrastructure equipment and battery swapping equipment will get a production-linked subsidy of 1% on their turnover.

The subsidy will be paid for the first five years from the year the entity starts operations.