Shares of auto maker and EV bus maker JBM Auto surge over 7% in the morning trade today after the cabinet announced that the Government has launched PM E-Drive Scheme to replace FAME 2. JBM Auto share price in the morning trade surged over 7% to hit an intraday high of Rs 2,093 on the NSE.
Under the PM E-Drive scheme, subsidies will be provided for the purchase of electric two-wheelers, three-wheelers, trucks, buses, and ambulances. However, electric cars have been excluded from this scheme, focusing instead on other critical areas of the EV market. This decision reflects a strategic emphasis on enhancing the adoption of electric commercial and utility vehicles.
In conjunction with the PM E-Drive scheme, the government has also approved the PM-eBus Sewa-Payment Security Mechanism scheme. This initiative is designed to facilitate the rollout of over 38,000 electric buses by the year 2028-29. With an allocation of more than Rs 3,435 crore, the scheme aims to revolutionize public transportation by integrating a substantial number of electric buses into the national fleet.
These new schemes represent a significant commitment to reducing carbon emissions and advancing India’s transition to greener transportation solutions. The combined impact of these initiatives is expected to provide a substantial boost to the electric vehicle industry and contribute to the country’s sustainability goals.