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Budget 2023: Imported cars, including Electric Vehicles to become pricier due to custom duty hike

Imported cars, including electric vehicles will cost more as the government has hiked the custom duty in the Union Budget presented in the Parliament today by Finance Minister Nirmala Sitharaman.

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Budget 2023

Imported cars, including electric vehicles will cost more as the government has hiked the custom duty in the Union Budget presented in the Parliament today by Finance Minister Nirmala Sitharaman.

According to the budget document, custom duty on vehicles in completely built units (CBUs) priced less than 40,000 US dollars or with engine capacity below 3,000 cc for petrol-run vehicles and less than 2,500 cc for diesel vehicles has been raised from 60 percent to 70 percent.

Customs duty on electrically operated vehicles in CBU form, other than with cost, insurance and freight (CIF) value of more than 40,000 US dollars has also been raised to 70 percent from 60 percent.

The document adds that custom duty on vehicles, including electric vehicles, in semi-Knocked down (SKD) form will be hiked from 30 percent to 35 percent.

Already, cars imported as CBUs with CIF more than 40,000 US dollars or with engine capacity more than 3,000 cc for petrol-run vehicles and more than 2,500 cc for diesel-run vehicles attract 100 percent customs duty.

Read Also: Budget 2023 will meet expectations of every section, says MoS Finance Pankaj Chaudhary

Increasing custom duties on completely built units (CBUs) is seen by industry insiders as a means to promote domestic manufacturing. It is believed that the hike will not have much on of an impact as most luxury cars, barring some top-end variants, are now assembled in India.

On the other hand, Nirmala Sitharaman stressed that the government will “provide impetus to green mobility” by extending customs duty exemption to import of capital goods and machinery required for manufacture of lithium-ion cells for batteries used in electric vehicles.

Sitharaman said that adequate funds have been allocated to junk government-owned old vehicles in a bid to reduce pollution.

Sitharaman said that the central government will also lend support to states to help replace old vehicles and ambulances, pointing that scraping old polluting vehicles is a vital part for a greener economy.

She added that the government will boost coastal shipping with viable gap funding through PPP mode to promote as energy-efficient and lower-cost mode of transport for both passengers and freight.

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MG set to launch Comet EV in India, here’s what we know so far

The leading British automotive company MG Motor in India has been touching the highest sales in the past few years with its existing EV vehicles, and again the firm is all set to win hearts as it is planning to introduce another budget electric vehicle in the country named Comet.

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MG Comet EV

The leading British automotive company MG Motor in India has been touching the highest sales in the past few years with its existing EV vehicles, and again the firm is all set to win hearts as it is planning to introduce another budget electric vehicle in the country named Comet. However, the firm has not revealed many details about the same as of now. But, the report claims that the upcoming vehicle will hit the market around April, this year.

As per the reports and all the media speculations, it has been revealed that the EV like to make an entry in the country at a starting price between Rs 10 lakh to Rs 15 lakh (ex-showroom). The booking is likely to start later this month.

Read Also: Delhi Metro bans making of videos and photography inside train, releases new notification

Know everything about the MG Comet EV

Talking about the features first, the report says the MG Comet will be launched a rebadged Wuling Air EV platform, which already has been seen in the international market. The upcoming EV certainly might be compact that will feature only three-door. It will provide a full-LED lighting set-up, which means customers can expect LED headlights with stylish LED tail lamps, paired with a DRL setup. When it comes to the wheels, the report says the EV might get a 13-inch tire size

When it comes to the inside, the upcoming micro SUV is likely to have a 10.25-inch digital instrument cluster, paired with a 10.25-inch touchscreen infotainment system that will support Apple Android and Apple carPlay. It is also expected that the vehicle might get an electric sunroof as well.

MG Comet EV specs and Range

If rumors are to be believed, the EV will come with a 50kW motor paired with a 25kWh battery, which is likely to provide close to 250km on a single full charge. Once launched, it will compete against Tata Tiago EV and the newly launched Citroen e-C3.

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Hyundai to debut updated Verna on March 21, check what’s new in upcoming sedan

Interested customers can now pre-book the vehicle from authorised store by giving the token amount of Rs 25,000.

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Launched in 2006, the leading car manufacturer Hyundai undoubtedly ruled the market over decades with one of its hot-selling products Verna as it was introduced with a futuristic design and uncommon features. Seeing the popularity of the vehicle in today’s time, the company decided to give another major update to the sedan, which is expected to launch on March 21, 2023.

However, ahead of the official launch, the firm shared the official sketches of the sedan, revealing its design. Amid this, Interested customers can now pre-book the vehicle from authorised store by giving the token amount of Rs 25,000. Or they even can book the same by visiting the company’s official website.

Know everything about the upcoming Hyundai Verna 2023

As per the leaked images, it can be seen that the luxury sedan is covered fully in camouflage, revealing the size and some of its design. The new leaked images revealed that the upcoming model of Verna is likely to come with the latest features such as ADAS (advanced driver assistance system), improved safety, and multiple airbags.

Apart from this, it is also expected that the vehicle also will feature adaptive cruise control, lane departure warning, driver attention monitoring, forward collision avoidance, lane keep assist, and rear cross-traffic assistance.

According to the report and all the speculations, it has been revealed that the updated Verna is likely to come with N line badging on the front grille, redesigned front and rear bumpers with red accents on the lower portion, new alloy wheels with red front callipers, and red inserts on the roof rails are expected to be included on the Hyundai Verna N-Line badging (if it is planned). It is expected that the upcoming sedan’s N-Line will share some of the key features with Venue N-Line.

The new 2023 Hyundai Verna is anticipated to come with the same 1.5L normally aspirated and 1.4L turbocharged gasoline engines. It will likely to deliver 120 horsepower and 172 Nm, compared to the former’s 115 bhp and 144 Nm. However, it’s likely that the new 2023 Hyundai Verna model lineup won’t include a diesel engine. There will be three different transmissions available: a 6-speed manual, a CVT automatic, and a 7-speed DCT automatic.

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Kia likely to introduce CNG Sonet, photos with gas kit leaked ahead of official launch

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Amid the fuel price rise in India, several top car manufacturers are either modifying their existing vehicles into CNG or launching new ones. Hyundai’s sister company Kia, which has turned many heads and won millions of hearts with its mid-size SUV Sonet, also doing the same. The report says that the company is testing the CNG version of the vehicle and soon will launch it in the market.

Ahead of the official launch, a test mule without any camouflage and a CNG kit at the back has been spotted during the testing in Pune. The images, it is clearly giving a hint that the upcoming CNG Sonet will will be launched on the same platform, with not too much changes but with just a smart CNG option.

Know everything about upcoming Kia Sonet CNG

As per the viral ingest, it showed the emission testing equipment has been placed at the rear of the vehicle’s boot, which will eventually comprise boot space in the future. The report says that the firm is testing the gas option with its advance and top-end variant X-Line with the 1.0L turbo petrol engine option.

As far as the price is concerned, it is expected that the the vehicle might become costilier by Rs 1 lakh as compared to its ongoing petrol model. However, the company has not revealed any offcial details regarding the same as of now. When it comes to the rivals, there is not direct competitio to it. But, in the future, there will be few as Maruti Suzuki is also all set to launch CNG Brezza in upcoming months, which might give a tough fight to the sub 4m SUV.

Kia Sonet CNG features and safety

Customers can expect some noticeable changes in the upcoming CNG version. It might come with an updated touchscreen infotainment system with android, apple and auto carplay, multi-functional steering where, dual climate control, power window, semi-digital instrumental clusters with rear and front parking sensors. It is also expected that the company might introduce an electric sunroof in the four-wheeler, however, there are no official details about the same.

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