Page 29 - Edelweiss India Conference 2022 FLIPBOOK

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FCEVs are largely dominated by passenger cars

35,000 14
3,210
Passenger Cars (FCEVs)
28,000 5,648
8
1,835
21,000 4,456 Light & Medium
commercial vehicles
(FCV units) 14,000 25,932 Buses

18,913 PLI scheme of
7,000 INR260bn: To spur
Heavy commercial vehicles production of EVs
0
2019 2020 and FCEVs

Source: Edelweiss Research, AFC TCP

Subsidies to promote FCEVs in the near term

In order to promote adoption of FCEVs, several countries have launched subsidy schemes
pertaining to FCEVs, both on purchasing a new one or on a lease.

COUNTRY SUBSIDY PRICE
1) USD 4,500 rebates on Honda Clarity Fuel Cell, Hyundai
Nexo and Toyota Mirai FCEVs For FCVs, the manufacturer suggested retail price may not
USA
2) Tax credit of up to USD 8,000 at the federal level for the exceed (USD 60,000)

1) Subsidy of JPY 1,173,000 on Toyota Mirai FCVs • ruP n i s a h c w t e b s e i r a v ) a t o y o T ( i a r i M e c i r p g 0 0 0 , 0 0 1 , 7 Y P J n e e
Japan and JPY 8,100,000
2) Subsidy of JPY 2,100,000 on Honda Clarity FCVs
• Clarity Fuel Cell (Honda) purchasing price of JPY 7,800,000
Spain 1) Subsidy of EUR 6,000 Price around EUR 72,000
Italy 1) Eco bonus in the range of EUR 6,000-10,000 Maximum price of new cars not exceed EUR 61,000
Maximum allowed purchase price is EUR 60,000 for private
France 1) Financial incentives in the range of EUR 6,000-7,000
individuals and companies based on gross list price
1) Private individuals receive subsidy of EUR 3,000 (federal
funding) and 2,000 EUR (car importer) Purchase price corresponds to EUR 60,000 (private individuals
Austria
2) For companies and organisations, subsidy is EUR 2,000, and companies)
with transporters of up to 2 tonnes
Denmark 1) Hydrogen cars are exempt from initial registration taxes Toyota Mirai available (between DKK 499,990–589,990)
Sweden 1) Bonus malus system for vehicles that emit zero CO New FCEV's cost SEK when sold new
2
1) Exempt from performance related heavy vehicle charges
Switzerland NA
and petroleum taxes (CHF 0.0228 tkm for Euro 6 vehicles)
1) Federal incentive of CAD 5,000 applying to FCEVs. In
Quebec, incentives vary between (CAD 3,000-8,000)
Canada 2) In British Columbia, incentives amount to CAD 3,000 to a Prices FCVs (CAD 73,000 Hyundai Nexo) CAD 73,800
(Toyota Mirai)
maximum vehicle MSRP
3) Incentives of CAD 5,000 in Yukon
1) EUR 9,000 incentives for purchase of new vehicles costing
Germany
EUR 40,000
Toyota Mirai starting price (EUR 63,900) Retail price Hyundai
2) Incentives ranging from EUR1,500-6,000 on leased basis
Nexo (EUR 77,290)

Edelweiss Securities Limited 27