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How much electric vehicles cost after GST cut: Mahindra, Hyundai Kona get cheaper
How much electric vehicles cost after GST cut: Mahindra, Hyundai Kona get cheaper
With the government slashing the GST rate on electric vehicles, prices of all EVs have dropped. Here’s how much each vehicle costs now.
By: Rahul Kapoor | Updated: July 30, 2019 5:23 PM
In order to promote electric vehicles in India, the Indian Government has slashed the GST rates of all electric-powered vehicles from 12% to 5%. This has allowed the manufacturer of all EVs in India to cut the prices of their vehicles down.
Mahindra & Mahindra have announced that their all-electric four-wheeled passenger car, the Mahindra eVerito, prices have been slashed. The eVerito which was earlier priced between Rs 11.1-11.8 lakh, now starts from Rs 10.71 lakh (on-road inclusive of FAME benefits). The eVerito has been given a price cut of Rs 80,000 across all variants. The Mahindra Treo three-wheeler has been given a price cut of Rs 20,000 allowing it to have a starting price of Rs 2.05 lakh (on-road).
Mahindra has now been FAME 2 certified for all its electric products which are on sale at the moment. Mahindra is now planning to invest Rs 1000 crore within the next three years and a new plant in Chakan is currently being set up along with a new R&D centre in Bangalore. The Indian company will be developing batteries in-house, as well as power electronics and connected mobility solutions. The manufacturer is also planning to export to Korea and also use its Ssangyong brand to cater to European and US demands.
Additionally, Hyundai India had recently launched the Hyundai Kona electric for a price of Rs 25.3 lakh (ex-showroom) While Hyundai is yet to confirm the new prices of the Kona electric, it is expected to get benefits of around 1.5 lakh allowing the prices to fall. Hyundai is expected to confirm the exact updated price of the Kona Electric soon. The Hyundai Kona electric receives the FAME benefits because the Kona is partly assembled in India. The Kona is not brought in through a completely knocked down (CKD) route, but the final stage of the assembly of the vehicle is done at the manufacturer’s plant in Chennai. Electric Vehicles which are or will be launched in India as direct import, will not benefit from the FAME 2 scheme. Which is why the Audi e-Tron, or the Porsche Taycan when introduced in India will not benefit from the same.
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