Hop Electric has adopted a different strategy since the elimination of FAME II programme subsidies puts pressure on EV manufacturers to raise pricing. The company has announced price reductions for its well-liked EV products, including the Oxo electric bike, and the Leo and Lyf electric scooters.
Hop Electric’s choice to lower pricing distinguishes it from other EV producers who have increased prices in reaction to subsidy cutbacks. Hop Electric’s decision to lower prices indicates its focus on offering affordable and accessible green mobility in India.
Hop Electric’s Leo Electric Scooters
Leo, an electric scooter from Hop Electric, is now more reasonably priced and comes in both high-speed and low-speed versions. The high-speed variant is available for Rs 97,500, while the low-speed variant, which was previously more expensive, is now priced at Rs 84,000.
The Hop Leo electric scooters are an appealing option for urban commuters and eco-aware riders who are looking for affordable and effective ways of transportation due to their cheap pricing points.
Hop Electric’s Lyf Electric Scooter
With a new retail price of Rs 67,500, the Hop Lyf electric scooter has also seen a major price reduction. With this price cut, a wider variety of customers will be able to afford classic gas-powered scooters and electric alternatives, increasing accessibility to sustainable commuting.
The Hop Lyf electric scooter presents an appealing option for people looking for an economical and environmentally friendly way of transportation thanks to its stylish design and dependable performance.
Flagship Model at a Cheaper Price: Hop Oxo Electric Bike
The Hop Oxo electric bike, the flagship product of Hop Electric, has seen a significant price drop and is now available for Rs 1.48 lakh, down from Rs 1.65 lakh at the time of its initial launch. The Hop Oxo electric bike has a potent 3.75kWh battery pack and a 5.2kW electric motor. With a claimed range of 140 km in Eco mode, it is appropriate for daily travel.
It also exhibits excellent performance, with a top speed of 88kmph and a four-second acceleration from zero to 40kmph. The Hop Oxo electric bike provides a thrilling and technologically advanced riding experience at a more reasonable price range thanks to its advanced features including a 5-inch touchscreen, alloy wheels, disc brakes, LED DRLs, and ride telematics.
Prior to eliminating customer subsidies, a gradual transition with continuous subsidy would have been optimal to ensure market development and attain the international standard of 20% EV adoption (now just 4.9%). However, Gill asserted that the Ministry of Heavy Industries had previously stated a few months prior that they would reach the goal of 1 million sales in 4 years, at which point the subsidy would cease to be available. He claimed that the ministry was forced to choose between immediately ceasing the subsidy or finding a way to get by the rest of the year by substantially cutting the budget and withdrawing some extra funds from the E3W budget.
