The stock price of the India's leading automaker, Maruti Suzuki, on Tuesday (July 9), surged over 5 per cent, in the wake of the Uttar Pradesh governments latest decision to promote green mobility, in which the company holds a strong market share in this segment.
The shares of the company at 12:36 pm IST were trading at Rs 12,833.85, up by 6.74 per cent.
Uttar Pradesh’s Green Move: Waiving Registration Fees
The Uttar Pradesh government in a recent development announced a complete waiver on registration fees for strong hybrid electric vehicles (HEVs) and plug-in hybrid electric vehicles (PHEVs).
What Are HEVs and PHEVs?
Hybrid electric vehicles (HEVs) and plug-in hybrid electric vehicles (PHEVs) are both designed to reduce emissions compared to traditional internal combustion engine vehicles.
One of the main difference between the two is that PHEVs come with a larger battery that needs to be charged from an external power source, while HEVs rely on a combination of an internal combustion engine and a smaller battery.
Maruti Suzuki’s Advantage
The Maruti Suzuki, one of the major player in the EV sector, is expected to gain from this Uttar Pradesh government new policy, especially through its popular models featuring hybrid technology.
The Grand Vitara SUV and the Invicto MPV are two prominent vehicles in their lineup that benefit directly from the registration fee waiver.
The company is also planning to introduce a range of new electric and hybrid vehicles in the coming years | Representative Image
The Grand Vitara is equipped with a hybrid powertrain and combines a 1.5-litre petrol engine with an electric motor. Meanwhile, the Invicto MPV is a hybrid version of the Toyota Innova Hycross, featuring a 2.0-litre petrol engine paired with an e-CVT transmission. Moreover, this model stands out with a combined system power of 186PS.
Furthermore, the company is also planning to introduce a range of new electric and hybrid vehicles in the coming years:
Battery Electric Vehicles (BEVs) - Starting in 2024, Maruti Suzuki will begin producing BEVs, with a mid-SUV model offering a substantial 550 km range on a 60 kWh battery.
Future EV Plans - By 2030 -31, the company aims for EVs to make up 15 per cent of its sales, with hybrids at 25 per cent, and the remaining 60 per cent divided among CNG, biofuels, and internal combustion engines.
