Tata Nexon Electric, Honda City Hybrid to get cheaper by Rs 3 lakhs
With multiple state governments developing new rules to boost the use of electric vehicles across India, Haryana state government is the latest to introduce a new electric car policy. The new policy authorised by the state government offers a number of incentives and discounts for both EV makers and buyers. Here are some highlights of the Electric Car Policy:
Also, these benefits exceed the government's FAME-II incentives to encourage the purchase of electric vehicles in the state. So how much can you actually save if you plan to purchase an electric vehicle from Haryana?
For example, if you intend to purchase an electric SUV that costs more than Rs 15 lacs, you are eligible for the new policy's benefits. Ex-showroom, the premium XZ+ Lux variant of the Tata Nexon EV costs approximately Rs 17,40,000. Actually, the customer can save 15% on it. This means the owner can immediately save approximately Rs 2,60,000 on the SUV. This reduces the price of the most expensive Nexon EV to Rs 14,79 lakhs.
In addition to this 15%, EV buyers will receive full rebate on vehicle tax and a reduction in registration fees.
The new policy has also considered electric vehicle manufacturers. For the next ten years, the government will reimburse electric vehicle manufacturers 50% of their State Goods and Services Tax (SGST). Under Haryana's EV policy, all sizes of EV industry corporations in the state will be eligible for tax breaks. The government of Haryana has also announced fixed incentives of up to Rs 1 crore for businesses that establish EV battery disposal units in the state.
Haryana's government will offer a maximum discount of 15%, or Rs 3 lakhs, on hybrid vehicles with a price below Rs 40 lakhs. Currently, Honda City e-HEV is India's robust hybrid market. Soon, Toyota and Maruti Suzuki will launch their Creta-competitive Hyryder and YFG SUVs with both weak and powerful hybrid engines.