Business Daily from THE HINDU group of publications
Sunday, Jan 13, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Sunday, Jan 13, 2008 ePaper | Mobile/PDA Version |
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Corporate
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Announcements Industry & Economy - Income Tax
Priyanka Vyas New Delhi, Jan. 12 Taking a cue from developed economies such as the US and Japan where consumers are provided income-tax benefits for purchasing hybrid vehicles, Mahindra & Mahindra has said that it will also seek Government support to launch its Scorpio hybrid in the country. The company President for Automotive Sector, Dr Pawan Goenka, told Business Line, “Like in the case of our environment-friendly three-wheelers which the Government incentivised, we will also seek their support closer to the launch of Scorpio hybrid in the country.” M&M’s Scorpio hybrid would be launched in the domestic market in the next 15-18 months. But its mild hybrid is likely to be introduced in around four months. High costCommenting on the market in India for such vehicles, Dr Goenka said that due to its high cost, governments across various countries were subsidising it. So to make it affordable, the Indian Government would consider such a move. He said that earlier in the case of three-wheelers, the Government waived off Rs 80,000 of the vehicle cost for consumers buying it. In the US, a benefit of around $10,000 is provided to consumers on income-tax and similar benefits are being extended in Japan too, said Dr Arun Jaura, Senior Vice-President, Global Product Development, M&M. He said that this was mainly due to hybrids offering 20-25 per cent fuel economy benefit apart from environmental and emission reasons. The company, which would take its Scorpio in the US next year, said that it would initially launch its hybrid in the domestic market and later on in other countries. More Stories on : Announcements | Income Tax | Mahindra & Mahindra Ltd | HCV/LCV/Tractors | Environment
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