Okinawa is extending full subsidy benefits of 15000 / KWH to its customers following recent amendments in FAME II Policy
Okinawa Autotech, the makers of the iPraise+, Praise Pro and Ridge+ have reduced the prices of their entire electric two wheeler lineup. The new pricing is in effect from 11th June 2021 and follows the recent amendments made by Ministry of Heavy Industries and Public Enterprises to the Fame II policy. These latest revision will allow EV makers to compete on a common platform with their ICE counterparts.
These changes include a subsidy offered to the electric two wheeler makers with demand incentive increased to Rs 15,000 per kWh from an earlier Rs 10,000 per kWh. The Government has also announced that the cap on incentives for electric two wheelers will be at 40 percent of the cost of the vehicle.
New Okinawa Pricing
Okinawa has reduced prices of its electric scooter range by Rs.7,200 to Rs.17,800 with effect from 1st June 2021. Following this price reduction, the Okinawa iPraise+ which was earlier priced at Rs.1,17,600 is now Rs.17,892 lower at Rs.99,708. Praise Pro has seen a price reduction of Rs.7,947 from an earlier pricing of Rs.84,795 to Rs.76,848 while the Ridge+ pricing is lowered by Rs.7,209 from Rs.69,000 to Rs.61,791.
Okinawa Autotech, the first Indian company to get a FAME II subsidy from the Government of India has sold 90,000 units as of May 21 and is positioned in a No.2 spot behind Hero Electric in the electric two wheeler market.
| Okinawa | Old Price | New Price | Diff |
|---|---|---|---|
| iPraise+ | 117,600 | 99,708 | 17,892 |
| Praise Pro | 84,795 | 76,848 | 7,947 |
| Ridge+ | 69,000 | 61,791 | 7,209 |
Okinawa Eco Pro
Its iPraise+ is its best-selling model which has noted a threefold increase in demand over the past few months. It comes in with IOT enabled Mobile App called ‘Okinawa Eco Pro’ which allows the user to track the scooter, get directions and add emergency contact numbers in the effect of any disaster.
Okinawa is very bullish about its performance in the year ahead. Despite the fact that the country is being ravaged by the coronavirus pandemic, the company recorded revenues to the extent of Rs 155 crores in FY2021 and targets a 300 percent YoY growth to Rs 465 crores in FY22.
The company is also investing Rs 150 crores into a new facility in Rajasthan, close to its existing plant. The company also has a widespread network of 300+ dealerships in the country targeting buyers in Metros and in the Tier II and Tier III and in rural areas.
The dealerships are located in Delhi, Bangalore, Noida, Jharkhand and Assam with plans to expand other Indian states. More recently, Okinawa has also entered into partnerships with financial institutions and e-commerce companies like Edelweiss, Credr, Zest Money, Welectric, and Beep Cart with plans to enhance its product portfolio and on-ground footprint.
