Uttar Pradesh's Hybrid Vehicle Registration Waiver Sparks Industry Optimism

Maruti Suzuki India Chairman RC Bhargava welcomes the Uttar Pradesh government's decision to waive the 100 per cent registration tax for hybrid vehicles. This move aims to lower vehicle costs, reduce carbon emissions, and serve as a model for other states. Hybrid technologies have seen growing market traction.

On Tuesday, Maruti Suzuki India Chairman RC Bhargava praised the Uttar Pradesh government's 100 per cent registration tax waiver for hybrid vehicles, recognising the need for multiple technologies to cut carbon emissions and oil imports.

Reports indicate that this waiver could reduce model prices by up to Rs 3.5 lakh. Bhargava believes that this move could inspire other states to implement similar measures. He emphasized that electric cars are not the sole solution, highlighting the effectiveness of hybrid technology.

In response to the announcement, Maruti Suzuki shares surged 6.6 per cent to Rs 12,820.20 on the BSE, making it the biggest gainer in the Sensex and Nifty pack. Hybrid vehicles employ both internal combustion engines and electric motors, with models like Toyota's Innova Hycross and Maruti's Grand Vitara utilizing this technology. The current tax on hybrid vehicles stands at 43 per cent, compared to 5 per cent for electric vehicles.

(With inputs from agencies.)