Introduction:
The Uttar Pradesh government has announced a significant decision to waive the registration fee for strong hybrid electric vehicles and plug-in hybrid electric vehicles, aiming to promote eco-friendly transportation in the state. This move has sent a positive signal to the automotive industry, particularly to companies like Maruti Suzuki, Toyota, and Honda, which offer hybrid vehicles.
Content:
The Uttar Pradesh government has announced a 100% fee waiver on registration of strong hybrid electric vehicles and plug-in hybrid electric vehicles. This move is expected to promote the use of environmentally friendly vehicles in the state. The decision is likely to benefit companies like Maruti Suzuki India, Toyota Kirloskar Motor, and Honda Cars India, which offer hybrid vehicles.
Maruti Suzuki shares have surged over 6% after the announcement, making it the top NIFTY50 gainer ¹. Maruti Suzuki shares opened higher at ₹12,325 apiece on the NSE and rallied as much as 6.29% to hit an intraday high of ₹12,780 apiece ¹. The auto stock pared early gains to trade 5.91% higher at ₹12,734 apiece on the NSE around 11:32 am ¹
The registration fee waiver in UP for hybrid vehicles may help automakers see higher sales in the segment ¹. Maruti Suzuki Grand Vitara and Invicto, Toyota Hyrder, and Innova Hycross are some of the strong hybrid vehicles offered in the segment ¹. Car buyers in Uttar Pradesh could save up to ₹3 lakh on the Maruti Suzuki Invicto and over ₹2 lakh on the Maruti Suzuki Grand Vitara ¹.
Maruti Suzuki has models like Grand Vitara and Invicto in the hybrid cars segment, which will benefit from this announcement ¹. Several other automakers like Honda and Toyota may also gain from the UP government’s announcement on hybrid cars ¹. The move is likely to encourage the adoption of environmentally friendly electric and hybrid vehicles ¹.
Uttar Pradesh is one of the largest markets for passenger vehicles in India, with retail sales reaching 2.3 lakh units in the first half of this year ⁵. This marks a 13% increase compared to the 2.08 lakh units sold in the same period last year ⁵. The state’s decision to waive the registration tax for hybrid vehicles is expected to further boost sales in this already significant market ⁵.
Summary:
Maruti Suzuki shares surged over 6% following the announcement, making it the top NIFTY50 gainer. The registration fee waiver is expected to boost sales of hybrid vehicles in Uttar Pradesh, one of India's largest passenger vehicle markets. Car buyers in the state can save up to ₹3 lakh on certain models. The move is seen as a step towards encouraging the adoption of environmentally friendly electric and hybrid vehicles, and is likely to benefit automakers like Maruti Suzuki, Toyota, and Honda.
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