Wednesday, July 24, 2024

Hybrid duty relief may hurt petrol, diesel cars: Hyundai


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Hybrid duty relief may hurt petrol, diesel cars: Hyundai

NEW DELHI: Hyundai has joined local car companies – Tata Motors and Mahindra – in raising objections to any duty relaxations for hybrid vehicles, saying such a measure has the potential to disturb sales of petrol and diesel vehicles.
The demand for lower duty on hybrids is being raised by top Japanese companies such as Maruti Suzuki, Toyota and Honda, which argue that the technology helps reduce emissions while boosting fuel efficiency.
In the documents filed with Sebi for its maiden IPO, Hyundai said, “… with the objective to address climate issues, govt of India proposes to reduce GST on hybrid passenger vehicles to 5% and 12% on flex engines, while the GST on diesel and petrol vehicles is proposed to remain at 28%… In the event such amendment becomes effective, it could have an adverse impact on the sales volumes of our diesel and petrol vehicles which could affect our margins, business, and results of operations.”
Tata Motors and Mahindra have already been opposing any special benefits for hybrids. The two companies have said only electrics should get the special 5% GST rate, emphasising that only “zero emission vehicles” should get benefits and not those that offer only “fuel efficiency improvement technologies”.


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