Electric vehicle stocks, including Olectra Greentech, Bajaj Auto, and JBM Auto, surged up to 9% on 12th September after the Union Cabinet approved the PM E-Drive scheme with an outlay of Rs 10,900 crore over two years to boost electric vehicle (EV) adoption in India.

The PM E-Drive scheme offers Rs 3,679 crore in subsidies to promote battery-powered two and three-wheelers, ambulances, trucks, and other EVs.

Information and Broadcasting Minister Ashwini Vaishnaw announced that the scheme will fully support the establishment of charging infrastructure at 88,500 sites. This is separate from the existing Production-Linked Incentive (PLI) schemes for the auto and auto component sectors.

The scheme provides Rs 3,679 crore in subsidies for e-2Ws, e-3Ws, e-ambulances, e-trucks, and other EVs, supporting 24.79 lakh e-2Ws, 3.16 lakh e-3Ws, and 14,028 e-buses.

Rs 4,391 crore is allocated for procuring 14,028 e-buses by state and public transport agencies. Additionally, Rs 3,435 crore is designated for the PM-eBus Sewa Payment Security Mechanism, Rs 500 crore for e-ambulances, and another Rs 500 crore to boost e-truck adoption.

At 11:35 AM, Bajaj Auto was up 2.53% at Rs 11,710, Olectra Greentech was up 0.97% at Rs 1,633.20, and JBM Auto was up 3.69% at Rs 1,997.20 on NSE.

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