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The Indians are coming
The Indian Ministry of Finance has cut taxes for clean vehicles from 24 to 14 per cent, paving the way for the envisioned launch of Mahindra & Mahindra's first hybrid offering. Indian biggest producer of pick-ups and SUVs doesn't need to fear for foreign competition. Although the lower couter-vailing tax will also apply to imported vehicles, import taxes for cars from elsewhere - hybrid or not - will remain at more than 100 per cent.
This weekend, the Times of India reports on the tax-drop for the car-industry's rising star. "Hybrids, that alternate between a fuel and a battery to power your vehicle, have received a special focus from FM, who prefers cars that are less taxing on environment. He has cut excise duty for hybrids cars by 10%, bringing it down to 14%, giving a big incentive for companies to look at the option.
This move will benefit Mahindra & Mahindra (M&M), which will introduce hybrid versions of Scorpio and Bolero by June. And, prices may be cheaper than the existing petrol or diesel versions. 'The duty cut will certainly boost work on hybrid vehicles,' said Arun Jaura, senior V-P."
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