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Informist, Tuesday, Oct. 29, 2024

--Maruti Suzuki: In talks with Haryana govt for waiver on hybrid vehicles

MUMBAI – Maruti Suzuki India Ltd.'s management Tuesday said the company is in talks with the government of Haryana to get a tax waiver on strong hybrid vehicles. Currently, Punjab and Uttar Pradesh offer tax waivers on hybrid vehicles in India. The automaker has seen good growth in strong hybrid vehicle sales on the back of these government initiatives.

The state governments have understood that there is no competition between electric vehicles and hybrid vehicles. All the technologies are required, and it is up to the customers to decide which technology they want to opt for, Maruti Suzuki's head of marketing and sales Partho Banerjee said in a press conference. India's largest automaker's hybrid vehicle sales have grown by 30% so far this year. This has happened at a time when sales of electric vehicles have slowed down.

The Punjab government currently gives a road tax waiver of 25% on hybrid vehicles, said Banerjee. Uttar Pradesh was the first state to offer a waiver on registration tax on strong hybrid vehicles. On Jul. 5, the government of Uttar Pradesh announced the waiver of 8-10% registration tax on strong and plugin hybrid cars. This led to a reduction in the on-road prices of these cars. This initiative was launched to boost the replacement of internal combustion engines and reduce carbon emissions.

Currently, Maruti Suzuki has Invicto and Grand Vitara in their strong hybrid portfolio and Ertiga, Brezza, Ciaz, XL6, Grand Vitara, and Fronx in their smart hybrid portfolio. Maruti Suzuki reported a net profit of INR 30.69 billion for the September quarter on revenue of INR 372.03 billion. On Tuesday, shares of the company settled at INR 11,046 on the National Stock Exchange, down 3.8% from the previous close.  End

Reported by Ketan Barot

Edited by Ashish Shirke

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