New Delhi, Maruti Suzuki India Chairman RC Bhargava on Tuesday said the 100 per cent registration exemption for hybrid vehicles by the Uttar Pradesh government recognizes the fact that multiple technologies are required to reduce carbon emissions. and oil imports.
The Uttar Pradesh government has reportedly announced a 100 per cent registration tax exemption for hybrid vehicles, leading to a drop in prices of the models by up to Rs 3.5 lakh.
When contacted, Bhargava said the move taken by the UP government would also inspire other states to consider such proposals.
"The UP government's action is the first instance where a state government has realized and acted on the fact that multiple technologies are required to reduce carbon emissions and oil imports," he said.
Electric cars are not the only option, there are other effective technologies such as hybrid cars to address the problem, Bhargava said.
On Tuesday, shares of Maruti Suzuki rose 6.6 per cent to settle at Rs 12,820.20 on the BSE. During the day, it soared 7.72 percent to Rs 12,955.
On the NSE, it rose 6.51 per cent to Rs 12,807. Maruti was the biggest gainer in the Sensex and Nifty group.
Hybrid vehicles run on an internal combustion engine and one or more electric motors, which use energy stored in batteries.
Toyota Kirloskar sells Innova Hycross and Urban Cruiser Hyryder with powerful hybrid technology, while Maruti Suzuki also sells some versions of Invicto and Grand Vitara with powerful hybrid mechanisms.
Honda also sells some variants of its mid-size City sedan with self-charging hybrid technology.
Currently, the total tax incidence on hybrid vehicles in the country is 43 per cent, including GST, while battery electric vehicles attract a tax of around 5 per cent.
The Uttar Pradesh government has reportedly announced a 100 per cent registration tax exemption for hybrid vehicles, leading to a drop in prices of the models by up to Rs 3.5 lakh.
When contacted, Bhargava said the move taken by the UP government would also inspire other states to consider such proposals.
"The UP government's action is the first instance where a state government has realized and acted on the fact that multiple technologies are required to reduce carbon emissions and oil imports," he said.
Electric cars are not the only option, there are other effective technologies such as hybrid cars to address the problem, Bhargava said.
On Tuesday, shares of Maruti Suzuki rose 6.6 per cent to settle at Rs 12,820.20 on the BSE. During the day, it soared 7.72 percent to Rs 12,955.
On the NSE, it rose 6.51 per cent to Rs 12,807. Maruti was the biggest gainer in the Sensex and Nifty group.
Hybrid vehicles run on an internal combustion engine and one or more electric motors, which use energy stored in batteries.
Toyota Kirloskar sells Innova Hycross and Urban Cruiser Hyryder with powerful hybrid technology, while Maruti Suzuki also sells some versions of Invicto and Grand Vitara with powerful hybrid mechanisms.
Honda also sells some variants of its mid-size City sedan with self-charging hybrid technology.
Currently, the total tax incidence on hybrid vehicles in the country is 43 per cent, including GST, while battery electric vehicles attract a tax of around 5 per cent.
