Mexican Media Brands
India Drops Tax Breaks on Cars
The Indian government has phased out breaks on excise taxes for cars and other consumer goods, effective Jan. 1.
#economics
Share
The Indian government has phased out breaks on excise taxes for cars and other consumer goods, effective Jan. 1.
The resulting increases will range from 8% to 24% depending upon a car's size and price and cost between 8,000 and 200,000 rupees ($126 and $3,200), according to BBC News.
The policy shift produced a sharp increase in sales in December. Sales jumped for Maruti (13% to 98,100 units), Hyundai (15% to 32,500), Mahindra (5% to 17,300), Honda (163% to 14,400), Ford (28% to 14,400) and Tata (30% to 12,000), The Financial Express reports.
Analysts expect this year's higher prices to generate a sales slump in January that will continue for several months. Car dealers are bracing for an especially big decline in demand for SUVs.
RELATED CONTENT
-
Mazda, CARB and PSA North America: Car Talk
The Center for Automotive Research (CAR) Management Briefing Seminars, an annual event, was held last week in Traverse City, Michigan.
-
Report Forecasts Huge Economic Upside for Self-Driving EVs
Widespread adoption of autonomous electric vehicles could provide $800 billion in annual social and economic benefits in the U.S. by 2050, according to a new report.
-
China and U.S. OEMs
When Ford announced its 3rd quarter earning on October 24, the official announcement said, in part, “Company revenue was up 3 percent year over year, with net income and company adjusted EBIT both down year over year, primarily driven by continued challenges in China.” The previous day, perhaps as a preemptive move to answer the question “If things are going poorly in China, what are you doing about it?, Ford announced that it was establishing Ford China as a stand-alone business unit.