Performance-linked incentives to scale local production
Kinetic Watts & Volts (KWV), the electric vehicle subsidiary of Kinetic Engineering Ltd., has secured a ₹42 crore performance-linked incentive under the Maharashtra EV Policy 2023-2028. The incentive is part of the state’s push to attract and support EV manufacturers, offering capital support and output-based incentives tied to investment commitments and production milestones. The award affirms KWV’s growth trajectory and underlines the role of targeted incentives in catalysing India’s EV manufacturing ecosystem.
The Maharashtra EV Policy is designed to stimulate manufacturing of electric vehicles and components within the state by providing structured support mechanisms. Performance-linked incentives like the one received by KWV encourage companies to scale operations and meet predefined production and investment benchmarks. Such frameworks help reduce entry risks for manufacturers while fostering competitiveness and localisation.
Boosting EV ecosystem and local jobs
The ₹42 crore incentive is expected to accelerate KWV’s plans to expand its electric two-wheeler production lines at its manufacturing facility in Maharashtra. By lowering initial capital pressures and offering predictable performance-linked rewards, the policy support enables KWV to invest further in plant capacity, workforce expansion, and upstream component sourcing. Local suppliers and ancillary industries are likely to benefit as production scales, supporting job creation across the EV value chain.
Together with other policy measures – including capital incentives, quality testing support and charging infrastructure promotion the Maharashtra EV Policy aims to position the state as a leading hub for electric vehicle manufacturing in India. For KWV, the incentive enhances its competitiveness against national peers and adds momentum to its roadmap of delivering high-volume electric two-wheelers to a rapidly expanding domestic market.
