India's Uttar Pradesh state will waive some levies on hybrid cars, making them 10% cheaper, delivering Japan's Toyota Motor a big win in lobbying efforts.
Camry vehicles move through final inspection after coming off the assembly line at the Toyota Motor Corp . manufacturing plant in Georgetown, Kentucky, U.S., on Thursday, Aug. 29, 2019.A move by India 's Uttar Pradesh state to waive some levies on hybrid cars will make them 10% cheaper, delivering Japan 's Toyota Motor a big win in lobbying efforts and raising industry and analyst expectations that other states could follow suit.
"This is a sizeable incentive provided by a state for hybrid cars. Uttar Pradesh's move could encourage other states to follow," Morgan Stanley said in a note, adding that with more hybrid models to come, their share of total sales will rise., which holds an 85% share of India's 'strong' hybrid car market with its fast-selling Hycross and Hyryder SUVs, is "likely to be a key beneficiary of this move, followed by Maruti Suzuki," Nomura said in a note.
Indian Prime Minister Narendra Modi's government has focused its green mobility push on electric vehicles, offering companies millions of dollars in incentives to build such cars, while giving no concessions for hybrids.
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