New Delhi. If you live in Uttar Pradesh and are thinking of buying a hybrid car, then there is good news for you. Actually, the Uttar Pradesh government has decided to completely waive the registration tax on Strong Hybrid Electric (HEV) and Plug-in Hybrid Electric (PHEV) vehicles in the state with immediate effect.
The impact of this announcement was seen on the shares of the country’s largest car manufacturer Maruti Suzuki. On July 9, the shares of Maruti Suzuki India rose by about 5 percent to Rs 12,615 per share. After the announcement, it became the highest gainer in Nifty. So far this year, Maruti Suzuki shares have risen by more than 22 percent, which is more than the 12 percent rise in the benchmark Nifty 50 index.
There will be benefit on two cars of the company
This move will benefit Maruti Suzuki’s Grand Vitara SUV and Invicto MPV, both of which are based on strong hybrid technology. The Grand Vitara is equipped with a hybrid powertrain consisting of a 1.5-liter petrol engine (92PS/122Nm) and an electric motor (80PS/141Nm). Apart from this, customers buying hybrid variants of Maruti Suzuki Invicto and Toyota Innova Hycross will also benefit from the tax cut. Both these cars come with a 2.0-liter petrol-hybrid e-CVT engine.
How much money will customers save?
Under this initiative, buyers in UP can save up to Rs 3 lakh on Maruti Suzuki Invicto and over Rs 2 lakh on Maruti Suzuki Grand Vitara. Usually, the UP government levies 8 per cent road tax on vehicles priced below Rs 10 lakh and 10 per cent road tax on vehicles priced above Rs 10 lakh (ex-showroom).
With this new directive, hybrid vehicles are now grouped with electric vehicles for exemption in registration fee. Around 100 strong hybrid cars were sold in UP in FY24.
What are hybrid vehicles
Hybrid electric cars have a fuel-powered engine as well as a battery that powers the electric motor. The battery of a hybrid vehicle does not need to be charged. Plug-in hybrid electric vehicles are also hybrids but the battery in them needs to be charged like an electric car.
Tag: Business News, maruti suzuki
first published : July 9, 2024, 2:27 pm IST
