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Business News/ Auto News / Hyundai, Tata slash prices of EVs to pass reduced GST benefits

Hyundai, Tata slash prices of EVs to pass reduced GST benefits

Hyundai Kona is now priced at ₹23.71 lakh as compared with ₹25.3 lakh earlier
  • On Thursday, Tata Motors had announced a price cut on Tigor EV by up to ₹80,000
  • The 2019 all-electric Hyundai KonaPremium
    The 2019 all-electric Hyundai Kona

    New Delhi: Hyundai Motor India on Friday said it has reduced price of Kona EV by around 1.58 lakh in order to pass the benefit of reduced GST on such models to customers.

    The model is now priced at 23.71 lakh as compared with 25.3 lakh earlier.

    The reduced Kona Electric price is effective from August 1, 2019, Hyundai Motor India said in a statement.

    The company said it has already received 152 bookings for the model which will be sold from 15 dealerships in 11 cities.

    On Thursday, Tata Motors had announced a price cut on Tigor EV by up to 80,000.

    Last week, the high-powered GST Council decided to reduce the tax rate on electric vehicles (EVs) to 5% from the existing 12% effective from August 1.

    It also slashed the Goods and Services Tax (GST) on EV chargers from 18% to 5%.

    Hyundai Motor India has hiked prices of all car models except the Kona Electric and Venue by up to 9,200 from 1 August. According to the company, the hike comes on the account of increase in input costs due to the introduction of new enhanced safety regulations in cars by the government.

    The company currently offers 10 models across segments, including Santro, Grand i10, Elite i20, Active i20, Xcent, Verna, Elantra, Venue, Creta and Tucson.

    The biggest concerns EVs buyers in India are range anxiety and lack of charging infrastructure. Last week saw some major announcements related to charging stations.

    Vakrangee will set up electric vehicle (EV) charging infrastructure facilities across India through its Nextgen Vakrangee Kendra outlets. Vakrangee has 3,504 Nextgen Vakrangee Kendra outlets spread across 19 states, with 68% outlets in Tier 5 and Tier 6 cities. Vakrangee plans to increase the number of Nextgen Vakrangee Kendra outlets to 75,000 by FY2021-22 and 3,00,000 outlets by FY2024-25.

    Noida Authority and EESL have signed a Memorandum of Understanding (MoU) to set up hundred charging stations in Noida. EESL also has plans to set up 200 more charging stations in Delhi and National Capital Region (NCR) area in the next three months to cater to shared mobility services.

    With inputs from PTI.

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    Published: 02 Aug 2019, 06:08 PM IST
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