Hyundai opposes duty relief on hybrids says it will hurt petrol vehicles

Ahead of its IPO, Hyundai has joined Tata Motors and Mahindra in objecting to duty relaxations for hybrid vehicles, arguing it could harm petrol and diesel vehicle sales. \r

Hyundai's IPO filing with SEBI highlights the Indian government's proposal to reduce GST on hybrid vehicles to 5%, while keeping GST on petrol and diesel vehicles at 28%. Japanese companies like Maruti Suzuki, Toyota, and Honda support lower duties for hybrids, citing reduced emissions and better fuel efficiency. Hyundai and other domestic carmakers fear these tax concessions could impact their sales and profitability. \r

Hyundai plans to raise around $3 billion through its IPO, offering 17.5% of its stake. The government also approved a scheme promoting electric car manufacturing with lower customs duties.