New Delhi: Toyota Motor has got a price cut of Camry Hybrid in Delhi. The prices for this luxury sedan have been reduced by Rs 2.3 lakh, following the VAT (Value Added Tax) reduction on electric and hybrid vehicles to 12.5 percent from the previous 25 percent. The massive drop comes after the reduction on excise duty on electric and hybrid cars under the National Electric Mobility Mission Plan (NEMMP).
Camry Hybrid now costs Rs 30.9 lakh, which is quite comparable to Rs 30.23 lakh of the non-hybrid car.
Recently country's leading car manufacturer Maruti Suzuki also slashed prices of the Ciaz SHVS and Ertiga SHVS models by Rs 69,000 and Rs 62,000 respectively.
This decision might have a strong influence on car buyers in the nation's capital to opt for Hybrid cars, since the ban on registration of diesel vehicles with 2000cc and above engine capacity is still on.
This wave of price reduction on hybrid and electric car might not be just limited to Toyota and Maruti Suzuki, considering the Mahindra Reva could join the list soon by reducing the price of the e2o.