Maruti Suzuki India jumped 6.64% to Rs 12825 driven by a major policy change in Uttar Pradesh.
The UP state government announced a complete waiver of registration tax on strong hybrid and plug-in hybrid electric vehicles, effective immediately. This move directly benefits two of Maruti Suzuki’s popular models: the Grand Vitara SUV and the Invicto MPV, both equipped with strong hybrid technology.
Both strong hybrid and plug-in hybrid electric vehicles (PHEVs) combine an internal combustion engine with an electric motor. Under the new policy, buyers in Uttar Pradesh can expect significant savings on these hybrid models.
The UP government levies a 3% road tax on vehicles priced below Rs 6 lakh. This rate increases as the car gets more expensive, with vehicles between Rs 6 lakh and Rs 10 lakh attracting a 6% tax, those between Rs 10 lakh and Rs 20 lakh paying 8%, and cars exceeding Rs 20 lakh subject to a 9% road tax.
Maruti Suzuki India is engaged in the manufacture, purchase and sale of motor vehicles, components, and spare parts (automobiles). The auto major company reported 47.80% jump in standalone net profit to Rs 3,877.8 crore on 19.06% rise in revenue from operations to Rs 36,697.5 crore in Q4 FY24 over Q4 FY23.
The car major’s total sales increased 12.42% to 1,79,228 units in June 2024 as against 1,59,418 units sold in June 2023. Sequentially, the auto major’s total sales rose 2.67% as compared with 1,74,551 units sold in May 2024.
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First Published: Jul 09 2024 | 3:12 PM IST
