The move extends its ambit to include electric two-wheelers with a power grade of up to 500 kW, as well as modern partially assembled Semi-Knocked-Down (SKD) sets with an engine capacity of up to 3000 CC.

These sets are earmarked for the assembly of plug-in hybrid vehicles.“To be eligible for this incentive, investors must commit a minimum of $ 50 million towards the manufacturing of electric vehicles or plug-in hybrid electric vehicles.

The initiative applies to companies that are either already engaged with the Sri Lanka Board of Investment (BOI) or are entering into new agreements, "finance ministry sources said.