Indian EV maker Avon Cycles denies allegations of misappropriation of incentives
India’s Avon Cycles Ltd has denied any wrongdoing in a scheme granting subsidies to vehicle manufacturers to boost the sale of electric vehicles (EV), after the government said the company was among those being investigated for misappropriation.
The Indian government is reimbursing electric vehicle and hybrid vehicle manufacturers for reducing the purchase price of their vehicles under the Faster Adoption and Manufacturing of Electric Vehicles in India (FAME) programme.
