Automakers Sweeten Deals for New Cars

28 Aug 2024 , 11:33 AM

Leading manufacturers, including Maruti Suzuki, Hyundai Motor India, and Tata Motors, said on Tuesday that they will extend discounts on new vehicle sales against destroyed vehicles as part of the government’s Voluntary Fleet Modernisation Programme (VVMP) scheme.

According to an official statement, passenger vehicle manufacturers will continue these savings for a one-year term, while commercial vehicle makers will extend them for two years.

The statement occurred during a meeting between Minister for Road, Transport, and Highways (MoRTH) Nitin Gadkari and officials from the automobile industry.

According to the statement, the project represents a big step forward in strengthening India’s circular economy by encouraging the adoption of cleaner, safer, and more efficient automobiles.

Passenger vehicle manufacturers: Maruti Suzuki, Tata Motors, Mahindra & Mahindra, Hyundai Motor India, Kia Motors, Toyota Kirloskar Motor, Honda Cars, JSW MG Motor, Renault India, Nissan India, and Skoda Volkswagen India gave a discount of 1.5% of the ex-showroom price of a new car or Rs 20,000, whichever was smaller, on a passenger vehicle trashed by an owner during the previous six months.

Details about the scrapped car will be available on the government’s Vahan webpage. Companies may voluntarily provide further discounts on recognised models.

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