Shares of electric two-wheeler makers Ola Electric Mobility and Ather Energy surged up to 11% on Tuesday as the Delhi Cabinet approved the electric vehicle (EV) policy with an outlay of Rs 15,000 crore to be invested over the next four years to promote electric mobility and reduce pollution.
The Delhi government on Monday said that it will extend incentives worth up to Rs 30,000 on the purchase of electric two-wheelers in the first year of the implementation of its new EV policy, along with the existing waiver on road taxes. Registration of new petrol and CNG two-wheelers will be gradually phased out, with only electric two-wheelers to be registered from April 1, 2028.
The Electric Vehicle (EV) Policy 2.0, which is expected to come into effect from July 1, aims to transform 95% of all new vehicles registered to electric by 2027, Delhi Chief Minister Rekha Gupta said. She added that the policy seeks to make EVs more affordable while gradually phasing out fossil fuel-powered vehicles in key segments.
Also read: Delhi EV Policy 2.0 offers subsidies of up to Rs 50,000 on electric two- and three-wheelers
Gupta said the policy has been designed to accelerate EV adoption through a mix of financial incentives and regulatory measures, making clean mobility more accessible for both individual consumers and commercial operators.
What Ather Energy CEO said
Ather Energy CEO Tarun Mehta in a post on micro-blogging platform X said the policy marks one of the most significant city-level pushes for electrification in India. “What stands out is not just the scale of the investment, but the way the policy has been designed. The combination of incentives, phased electrification mandates and charging infrastructure creates a very strong foundation,” he wrote. Mehta added that if Delhi can become majority EV, then it has the opportunity to become a benchmark for the rest of the country.
