The Indian car market is gradually, but surely, moving towards electric cars. After the Government of India made its intentions of pushing electric vehicle sales in the country very apparent through various budget allocations, there has been an increased interest from customers as well as manufacturers. Now, the country’s biggest electric car maker – Mahindra Electric, has officially confirmed its plans of launching three new all-electric cars by 2021.
The aforementioned announcement was made by Mahindra’s MD, Pawan Goenka, while announcing the company’s Q1 financial results. According to this announcement, the company is working on all-electric versions of the KUV100 as well as the recently launched XUV300. Additionally, Mahindra has joined hands with Ford India to develop an electric version of the Aspire compact sedan, which will be sold as a Mahindra product in the Indian market.
Mahindra is currently the only car manufacturer in India selling electric cars to the mass market. Tata Motors has launched the Tigor Electric, but it is available only to commercial buyers as of now. Mahindra currently sells the eVerito electric sedan in India, which will be joined by the above mentioned electric cars by 2021.
All this comes after the Government of India announced a slew of benefits for the electric car industry. This includes a lower GST tax slab of 5%, as compared to the earlier applicable rate of 12%. Also, GST applicable on electric car chargers and charging stations has also been reduced to 5%. Electric car buyers will even be entitled for additional income tax benefits by financing their purchase. Even manufacturers have been incentivized to produce more electric cars by removing excise duties on all electric vehicle parts.
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