With the daily advancement in the world of the automobile industry, a lot of new vehicles are coming in the market. However, the tax taken by government on the vehicles sometimes creates a hurdle for both manufacturers as well as buyers. In this move, the BJP-led UP government has decided to reduce taxes on hybrid car on-road costs, including those of the Toyota Hyryder SUV and Hycross MPV, Honda City e:HEV, Maruti Grand Vitara, and Invicto.
Because of the tax exemption, hybrid cars are now a more appealing alternative for buyers because it lowers their total cost of ownership. The reduction in registration fees will last until October 2025 because this is an adjustment to the state’s current EV policy. In order to contribute to cleaner air and a healthier environment, the UP government aims to see a significant increase in the usage of hybrid vehicles by lowering their cost. Additionally, it is anticipated that the tax exemption will strengthen the automobile industry, supporting the hybrid vehicle market and inspiring other automakers to release more environmentally friendly models. Here are a few of the responses from the leading automakers.
What Kunal Behl, the Vice President of Marketing & Sales at Honda Cars India, emphasised about the tax reduction?
He said that “The 100 percent road tax waiver on strong hybrid vehicles is a milestone decision by the Uttar Pradesh government that will encourage the adoption of these environment-friendly vehicles. This decision is aligned with Honda’s global commitment to sustainable mobility and their vision of achieving zero carbon emissions by 2050.”
What are the expectations from the Federation of Automobile Dealers Associations (FADA)?
The Federation said that “This policy will boost strong hybrid vehicle sales in UP, despite the current small market. FADA notes that most buyers of such vehicles are not first-time owners and believes that this move by Chief Minister Yogi Adityanath will aid the auto sector.”
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