The Center has been the backbone of various sectors to end the stagnation in the financial sector due to Covid. Has taken a number of steps to revive the automobile sector.
Sales of small cars and two-wheelers were satisfactory during the Covid period, but sales of high-end vehicles came to a halt. Vehicle users have not shown much interest in luxury bikes. With this in mind, prices are expected to fall by around Rs 30,000 on bikes costing around Rs 10 lakh and between Rs 1 lakh and Rs 2 lakh on cars exceeding Rs 50 lakh.
Due to the freezing of public transport due to Covid, many preferred their own vehicles in view of the spread of the corona. But small cars and bikes seemed to be in high demand. From May to December last year, about 50,000 vehicles were sold. But high-end vehicles are not very popular. It has been announced that vehicle prices will be reduced to encourage high-end vehicle sales this financial year.
Increased Interest in the high-end vehicles
Greater Hyderabad has about one and a half lakh high-end vehicles. Of these, it is estimated that more than one lakh bikes have crossed Rs 10 lakh. Cars exceeding Rs 50 lakh are worth around Rs 50,000. Selling 10 thousand to 15 thousand every year. Advanced vehicles like Audi, BMW, Range Rover, Volvo, Rolls Royce, Lamborghini are running on the roads of Hyderabad. Market sources expect consumers to be more interested in the high end with the reduction in prices this financial year.
Electric vehicles, on the other hand, will also get more incentives. It is already known that electric vehicles are exempt from lifetime tax in view of environmental protection. There will also be some reduction in vehicle prices this financial year.
More electric buses will run on city roads. Currently, 40 AC Volvo electric buses ply to Shamshabad International Airport from various parts of the city. More will be available as per the latest budget proposals. The Center has made it clear that it will provide incentives for electric vehicles to curb vehicle pollution.
20,000 electric buses will be introduced in the country. As part of this, some services will be available in the city. The Telangana State Road Transport Corporation has already prepared plans for electric buses. The introduction of these buses on concessions offered by the Center will provide an opportunity to strengthen the Greater RTC services.
The decision by the government to reduce vehicle prices to some extent to encourage the sector is a welcome change as sales of luxury vehicles with Kovid are declining sharply. There is also a need to increase the use of electric vehicles for environmental protection – Ramkoteshwar Rao, President, Telangana Automobile Dealers Association