Mercury Ev-Tech's 11 e-rickshaw models received Gujarat government approval for subsidies. Customers can get ₹48,000 off per vehicle under specific price caps until March 2028. The company must meet operational requirements like security deposits and dealer networks.
Mercury Ev-Tech Gains GEDA Approval for E-Rickshaw Models
Mercury Ev-Tech Ltd has received approval from the Gujarat Energy Development Agency (GEDA) for 11 of its Battery-Operated Three-Wheeler (E-Rickshaw) models.
This approval makes these vehicles eligible for a significant subsidy of ₹48,000 per unit for eligible customers. The program is valid for FY 2026-27 and 2027-28, with the subsidy applicable up to March 31, 2028.
Reader Takeaway: Regulatory approval unlocks demand incentive; company must meet operational compliance.
What just happened
The company announced GEDA approval for its 'Tejashvi Plus', 'Tejashvi Neo Plus', 'Voltus Plus', 'Voltus Leo Plus', 'Voltus Green Plus', 'Voltus Green Leo Plus' (Low Speed models), and 'Limosa', 'DODO', 'DODO Plus', 'Kala Ghoda', 'Kala Ghoda Clean' (High Speed models).
These models are now eligible for a ₹48,000 subsidy per vehicle. However, to qualify, the ex-showroom prices must not exceed ₹3 lakh for low-speed models and ₹5 lakh for high-speed models.
Why this matters
This GEDA approval acts as a significant demand booster for Mercury Ev-Tech in Gujarat. The subsidy directly reduces the purchase cost for end-users, making the company's e-rickshaws more accessible and competitive in the electric vehicle market. It validates the company's product range with a state government body.
The backstory
Mercury Ev-Tech operates in the burgeoning electric three-wheeler segment in India, aiming to provide affordable mobility solutions. Government incentives and policy support are crucial drivers for EV adoption, particularly for commercial applications like e-rickshaws.
What changes now
The company can now actively market and sell these approved models in Gujarat with the knowledge that purchasers are eligible for a substantial subsidy. This provides a clear sales pathway and potential for increased volume over the next two fiscal years.
Risks to watch
The approval is conditional. Mercury Ev-Tech must ensure it meets GEDA's operational requirements, including depositing a refundable ₹5 lakh security deposit, marketing only through authorized dealers, and providing adequate after-sales service. Failure to comply could jeopardize the subsidy eligibility for its vehicles.
The program's limited timeline, ending March 31, 2028, also caps the duration of this specific incentive.
Peer comparison
While specific peer approvals are not detailed in the filing, other electric three-wheeler manufacturers operating in Gujarat will also be vying for similar government support. The key differentiator will be product quality, pricing within caps, and the efficiency of their distribution and service networks.
Context metrics (time-bound)
- Subsidy Amount: ₹48,000 per vehicle
- Program Validity: FY 2026-27 and FY 2027-28 (until March 31, 2028)
- Low-Speed Price Cap: ₹3 lakh (₹0.003 crore) ex-showroom
- High-Speed Price Cap: ₹5 lakh (₹0.005 crore) ex-showroom
- Security Deposit: ₹5 lakh (₹0.005 crore)
What to track next
Investors should monitor Mercury Ev-Tech's sales performance in Gujarat, focusing on the uptake of these subsidized models. Updates on dealer network expansion and customer adoption rates will be crucial indicators of the program's success.