RC Bhargava, the chairman of Maruti Suzuki India, stated on Tuesday that the Uttar Pradesh government’s rumoured 100% registration waiver for hybrid cars acknowledges the need for a variety of technologies to lower carbon emissions and oil imports.
The Uttar Pradesh government reportedly declared that hybrid vehicles would not be required to pay registration tax, resulting in a reduction in model pricing of up to Rs 3.5 lakh.
“The UP government action is the first instance where a state government has realised and acted on the fact that multiple technologies are required for reduction in carbon emissions and oil imports,” he said.
Bhargava stated that there are other efficient technologies, such as hybrid cars, to address the issue; electric cars are not the only one.
Maruti Suzuki’s stock increased 6.6% on Tuesday, closing at Rs 12,820.20 on the BSE. It increased 7.72 percent to Rs 12,955 during the day.
It increased 6.51% to Rs 12,807 at the NSE. The largest mover in the Sensex and Nifty pack was Maruti.
Battery energy is used by one or more electric motors and an internal combustion engine to power hybrid cars.
Maruti Suzuki also offers several Invicto and Grand Vitara grades with robust hybrid systems, and Toyota Kirloskar sells the Innova Hycross and Urban Cruiser Hyryder.
Honda also offers self-charging hybrid versions of its City midsize sedan for sale.
Hybrid vehicles in the nation currently have a total tax incidence of 43%, including GST, whereas battery electric vehicles have a tax incidence of roughly 5%.