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    500182   INE158A01026

HERO MOTOCORP LIMITED

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India revamps incentives for autos to boost EVs, hydrogen fuel cells -sources

09/03/2021 | 11:05am EDT
FILE PHOTO: Tata Motors' electric sport-utility vehicle (SUV) Nexon EV is displayed during its launch in Mumbai

NEW DELHI (Reuters) - India has revised its proposed $8 billion scheme for the auto sector which will now focus on incentivising companies to build electric and hydrogen fuel-powered vehicles, two sources familiar with the plan told Reuters.

This is a significant shift f
rom the government's original plan to incentivise auto and auto part maker https://reut.rs/3cVniCJs to build mainly gasoline vehicles and their components for domestic sale and export, with some added benefit for electric vehicles (EVs

The move to clean technologies comes as Tesl
a Inc is gearing up to enter India and is lobbying for lower import duties https://reut.rs/3hWd2Ok on electric cars. While the government is considering the request https://reut.rs/3jBo6jl, it wants some economic benefit in return which could include a commitment from Tesla to produce cars locally.

Under the new proposal, India will give incentives to automakers for building EVs and hydrogen fuel cell cars only, the sources said.

"The government does not want to spend money on promoting old technologies," one of the sources said.

Auto parts makers, however, will get incentives to produce components for clean cars as well as for investing in safety-related parts and other advanced technologies like sensors and radars used in connected cars, automatic transmission, cruise control and other electronics, the sources said.

"The idea is to promote the development of technology that is currently not manufactured in India but is imported either because regulation demands it or customers want those features in their cars," said the second source.

The sources said the original incentive outlay of about $8 billion may also be cut and that the production-linked scheme, which would apply on domestic sale and exports, could be finalised as soon as September-end.

India's industries and finance ministries did not immediately respond to a request for comment.

India's efforts to promote EVs, which make up a fraction of total auto sales, have been stymied so far by a lack of investment and weak demand, as well as the patchwork nature of existing incentives that vary from state to state.

But the government is focussed on adopting clean mobility so it can reduce its oil dependence and cut pollution, while also meeting its commitment under the Paris Climate Accord.

Domestic automaker Tata Motors is currently the largest seller of electric cars in India with rival Mahindra & Mahindra as well as motor-bike companies TVS Motor and Hero MotoCorp firming up their EV plans.

However, India's biggest carmaker, Maruti Suzuki, has no near-term plan to launch EVs as it does not see volumes or affordability for consumers, its chairman said last month.

The incentive scheme is part of India's broader $27 billion programme to attract global manufacturers so it can boost domestic production and exports.

(Reporting by Aditi Shah; Editing by Emelia Sithole-Matarise)

By Aditi Shah


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
HERO MOTOCORP LIMITED -1.09% 2873.9 End-of-day quote.-7.57%
MAHINDRA AND MAHINDRA LTD 0.72% 917.5 Delayed Quote.26.42%
MARUTI SUZUKI INDIA LTD -0.02% 7655.65 Delayed Quote.0.10%
TATA MOTORS LIMITED -5.40% 482.1 End-of-day quote.162.44%
TESLA, INC. -0.67% 864.27 Delayed Quote.23.30%
TVS MOTOR COMPANY LIMITED -0.65% 583 End-of-day quote.20.07%
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Financials
Sales 2022 352 B 4 691 M 4 691 M
Net income 2022 32 664 M 435 M 435 M
Net cash 2022 93 679 M 1 248 M 1 248 M
P/E ratio 2022 17,5x
Yield 2022 3,66%
Capitalization 574 B 7 647 M 7 648 M
EV / Sales 2022 1,36x
EV / Sales 2023 1,16x
Nbr of Employees 8 793
Free-Float 63,5%
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Pawan Kant Munjal Chairman & Chief Executive Officer
Niranjan Gupta Chief Financial Officer
Vikram S. Kasbekar Chief Technical Officer & Executive Director
Michael J. P. Clarke Chief Operating & Human Resources Officer
Neerja Sharma Secretary & Chief Compliance Officer
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