Strong hybrid car sales take off in UP after tax waiver
Business Standard|September 20, 2024
Monthly sales of strong hybrid cars in Uttar Pradesh have more than doubled following the state government's decision to scrap the registration tax on such vehicles from July 5.
DEEPAK PATEL

Electric car sales in the state, in contrast, have stayed largely flat.

According to data from Jato Dynamics, monthly electric car sales in UP were 413, 496, 355, 430, and 387 units between April and August. But strong hybrid car sales jumped from 228, 239, and 390 units in April, May, and June to 895 in July and 996 in August.

When contacted, Maruti Suzuki India (MSIL) and Honda Cars India (HCIL) two of the three leading players in the strong hybrid market - expressed satisfaction with the jump in strong hybrid cars sales in India's most populous state in the past two months, while Tata Motors, India's preeminent electric car manufacturer, and Kia India indicated their disappointment.

Rahul Bharti, executive director of corporate affairs at Maruti Suzuki, welcomed the UP government's decision to "recognise the importance" of strong hybrid vehicles in achieving national goals of reducing carbon emissions, as well as curbing oil imports.

"Customers in UP have responded positively. It is good to see that the combined penetration of BEVs (battery electric vehicles) and SHEVS (strong hybrid electric vehicles) reached 4.6 per cent in UP, slightly surpassing the national average for August.

This story is from the September 20, 2024 edition of Business Standard.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

This story is from the September 20, 2024 edition of Business Standard.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

MORE STORIES FROM BUSINESS STANDARDView All
Trade on road to recovery but Indian firms tread cautiously
Business Standard

Trade on road to recovery but Indian firms tread cautiously

The concluding part of the series highlights stabilising trade ties with Dhaka, but payment delays anda complex bilateral environment remain major concerns

time-read
4 mins  |
October 05, 2024
Business Standard

DoT launches new system to block fraud international calls

The Department of Telecommunications (DoT), in collaboration with Telecom Service Providers (TSPs), has introduced an advanced system designed to identify and block incoming international spoofed calls before they can reach Indian telecom subscribers.

time-read
1 min  |
October 05, 2024
PM to launch infra projects, agri schemes in Maha today
Business Standard

PM to launch infra projects, agri schemes in Maha today

Prime Minister Narendra Modi will on Saturday inaugurate infrastructure projects worth ₹32,180 crore in election-bound Maharashtra.

time-read
1 min  |
October 05, 2024
The shrinking presence of smaller parties in Haryana Assembly polls
Business Standard

The shrinking presence of smaller parties in Haryana Assembly polls

Since 2014, Haryana's electoral politics has seen smaller parties cede their vote shares to the Bharatiya Janata Party (BJP) and the Congress, a trend that these political parties would hope to buck in this Assembly polls.

time-read
1 min  |
October 05, 2024
Business Standard

DMart stock slips despite strong showing in Q2

Mixed response from brokerages; company had 377 stores till Sep 30

time-read
2 mins  |
October 05, 2024
Business Standard

Jio Fin-BlackRock JV gets Sebi approval for MF entry

Jio Financial Services' joint venture with BlackRock to enter the mutual fund (MF) space in India has received the nod from the Securities and Exchange Board of India (Sebi), the firm stated in an exchange filing on Friday.

time-read
1 min  |
October 05, 2024
Business Standard

HDFC BANK'S MSCI WEIGHT SET TO RISE

India's largest private sector lender HDFC Bank is poised to see its weighting increase further in global services provider MSCI indices due to its expanded foreign portfolio investor (FPI) investment headroom.

time-read
1 min  |
October 05, 2024
"The mother of all bear mkts in equities is dead"
Business Standard

"The mother of all bear mkts in equities is dead"

Developments in West Asia have triggered a panic-like situation across global equity markets. SHANKAR SHARMA, founder of wealth management firm GQuant Investech, spoke with Puneet Wadhwa in New Delhi about escalating tensions between Israel and Iran. Edited excerpts:

time-read
3 mins  |
October 05, 2024
Business Standard

Higher e-auction share crucial for Coal India stock

Coal India (CIL) has reported a production of 51 million tonnes (mt) for September, up 10.4 per cent month-on-month (M-o-M), but down 1 per cent year-on-year (Y-o-Y).

time-read
2 mins  |
October 05, 2024
Business Standard

Sebi proposes measures to boost retail participation in G-Sec mkt

The Securities and Exchange Board of India (Sebi) is considering initiatives to promote retail participation in government securities (G-Secs) through stock brokers.

time-read
1 min  |
October 05, 2024