ing up prices. With the limited development of small cars and the rising prices of SUVs, more people are turning to the used car market as an affordable alternative. High taxes on Indian cars   India levies significant taxes on automobiles, among the highest globally. A 28% Goods and Services Tax (GST) is imposed on all new vehicles, with an additional cess ranging from 3 to 22%. This can result in an effective tax rate of up to 50%. However, cl...

Market & Tech Reports  Updated at: 2024/12/23

dities and raw materials, which led to price increases of cars. The volatility in raw material prices, owing to disruption in the supply chain, leads to rising input costs.   High taxes   The governmental taxes on Indian vehicles are among the highest in the world. The Indian government applies a GST (Goods and Services Tax) of 28% to all new vehicles with cess (an additional tax) that ranges from 3 to 22%, taking the effective tax rate to up t...

Market & Tech Reports  Updated at: 2023/09/19

elopment Zone. At the same time, SAIC Hongyan signed a strategic cooperation framework agreement with China Highway Vehicle & Machinery Co., Ltd. in the area of export of heavy-duty trucks as well as the development, manufacturing, and market development of NEV heavy-duty trucks. NEV project SAIC Maxus announced on June 2, 2023, that it has started construction of a GST series pickup truck project in Huishan District, Wuxi City. The total inves...

Market & Tech Reports  Updated at: 2023/08/01

were new energy vehicle ("NEV") models and 186 were NEV models from Chinese automakers.   The entire SAIC Group exhibited at this year's motor show, almost completely monopolizing Hall 3, displaying more than 130 new vehicles from six companies: IM Motors, Rising Auto, SAIC Passenger Vehicle, SAIC Maxus, SAIC VW, and SAIC-GM. Nearly half of these were NEVs. The total exhibition area exceeded 20,000 square meters.   The Chery Group announced a n...

Market & Tech Reports  Updated at: 2023/06/05

iners and increased shipping costs, the auto industry supply chain was disrupted resulting in production delays due to the non-availability of imported/exported components.   High taxes   The governmental taxes on Indian vehicles are among the highest in the world. The Indian government applies a GST (Goods and Services Tax) of 28% to all new vehicles with cess (an additional tax) that ranges from 3 to 22%, taking the effective tax rate to up t...

Market & Tech Reports  Updated at: 2022/07/15

, sales and export (Units in Thousand) 2019 2020 YoY change Production 3,623 2,849 -21.4% Sales 2,962 2,433 -17.9% Export 706 428 -39.4% (Source: SIAM, MarkLines Data Center)   High taxes   The taxes on Indian vehicles are among the highest in the world. The Indian government apply a GST of 28% to new vehicles with cess that ranges from 3 to 22%, taking the effective tax rate to up to 50%. Although the Indian government announced a...

Market & Tech Reports  Updated at: 2021/03/15

India: Muted market growth and jump to BS-VI regulation New OEMs and government promotion of electrification Summary India vehicle sales grow to 4.38 million units in FY 2018-19 Passenger cars domestic sales muted due to introduction of GST, and BS-IV implementation Commercial vehicle segment reached sales of one million units New passenger car manufacturers in India: MG, Kia, and PSA OEM activities in FY 2019-20 FAME -II announcement and push fo...

Market & Tech Reports  Updated at: 2019/09/13