New Delhi, Nov. 4 -- India's big-ticket electric vehicle subsidies have an expiry date: 31 March 2028. And at least two auto giants, Bajaj Auto Ltd and Tata Motors Ltd, have begun preparing for life after it.

The preparation comes as analysts and investors begin to question the readiness of companies to deal with the withdrawal of incentives in less than 18 months as EV profitability is supported by taxpayer-backed schemes now.

Senior executives at both companies, which are among the beneficiaries of the government's production-linked incentive (PLI) scheme and PM E Drive, have indicated that reducing manufacturing costs will be key to profitability once the incentives are reduced. The withdrawal of government support in the US and Chin...