होम News Major Auto Sector Changes from April 1, 2024

Major Auto Sector Changes from April 1, 2024

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Increased Car Prices

Several automakers have increased the prices of their vehicles from April 1, 2024. Here are the details:

  • Toyota and Kia Cars Get Pricier: Toyota and Kia have announced price hikes across their entire lineups, including cars, SUVs, and MPVs. This means that buyers will have to shell out more money to purchase vehicles from these brands.
  • Honda Cars Also See Price Hike: While Honda did not make an official announcement, their vehicles have also witnessed a price increase from April 1, 2024.
  • Tata Commercial Vehicles Become Costlier Too: Tata Motors has raised prices for its commercial vehicle range, making these workhorses pricier for buyers from the new financial year.

Electric Vehicle Subsidies and Incentives

The government has made several changes to the subsidies and incentives offered for electric vehicles:

  • FAME-2 Subsidy Scheme Scrapped: The FAME-2 subsidy scheme, which provided financial incentives to make electric vehicles more affordable, has been discontinued as of March 31, 2024.
  • New Electric Mobility Promotion Scheme (EMPS) Introduced: A new scheme called the Electric Mobility Promotion Scheme (EMPS) has been unveiled by the Ministry of Heavy Industries to promote electric mobility.
  • Discounts for Electric Two and Three-Wheelers: Under the EMPS scheme, subsidies will be provided specifically for electric two-wheelers and three-wheelers. The subsidy for electric two-wheelers has been reduced to Rs. 5,000 per kWh, down from the previous Rs. 10,000 per kWh under FAME-2. Additionally, the maximum subsidy has been capped at Rs. 10,000 per vehicle.

Toll Tax and FASTag Changes

Traveling by road is set to become more expensive due to the following changes:

  • Increased Toll Taxes on Highways: Toll taxes have been hiked across multiple national highways and expressways nationwide. Commuters will have to pay more for their road journeys from April 1, 2024.
  • FASTag KYC Made Mandatory: If you frequently use national highways or expressways, completing KYC (Know Your Customer) for your FASTag account has become mandatory as of April 1, 2024. Failure to do so could lead to potential issues.

New Vehicle Scrapping Policy

The government has introduced a new vehicle scrapping policy aimed at promoting a circular economy and reducing vehicular pollution:

  • Carmakers to Scrap Old Vehicles Too: Under this policy, automakers will be required to scrap or recycle a certain percentage of older vehicles for every new vehicle they sell. This will likely lead to the establishment of more vehicle scrapping facilities across the country.
  • Additional Fees Likely on New Cars: To offset the costs associated with scrapping and recycling, it’s possible that carmakers may introduce additional fees or charges on new vehicle purchases.

Fuel-Efficient Vehicles Incentives

In line with broader sustainability goals, the government is incentivizing the adoption of fuel-efficient vehicles:

  • Tax Benefits for Electric & Hybrid Cars: Buyers of electric and hybrid cars can expect to enjoy tax benefits and other incentives from April 1, 2024, as part of the government’s push to promote eco-friendly mobility solutions.

FAQs

Will the price hikes affect all car models from Toyota and Kia?

Yes, the price increases announced by Toyota and Kia will be applicable across their entire model ranges, including cars, SUVs, and MPVs.

Is the FAME-2 subsidy completely scrapped, or will it continue for certain vehicle segments?

The FAME-2 subsidy scheme has been discontinued in its entirety as of March 31, 2024. However, the new EMPS scheme will provide subsidies specifically for electric two-wheelers and three-wheelers.

How can I check if a particular highway or expressway has seen a toll tax hike?

It’s advisable to check the official websites or mobile apps of the respective highway or expressway authorities for updated toll rates before embarking on a journey.

What documents are required for completing FASTag KYC?

The documents required for FASTag KYC may vary depending on whether you’re an individual or a business entity. Typically, you’ll need to provide proof of identity, proof of address, and vehicle registration details.

Will the new vehicle scrapping policy lead to an increase in the prices of new cars?

It’s possible that automakers may pass on some of the costs associated with scrapping and recycling older vehicles to consumers in the form of additional fees or charges on new car purchases. However, the extent of any such price increases remains to be seen.

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