Volvo, the Swedish car manufacturing company, has announced to go completely electric by a very short timeline, within the year-end to be exact. According to an article published by The Times Of India, the car manufacturer is planning to go fully electric within the next few years.
While Other manufacturers are struggling to go electric, Volvo India has already come out with their first electric car in India, the XC40 Recharge compact SUV. The current Volvo India’s MD, Jyoti Malhotra, has announced that the company will be releasing one new electric model every year.
As these are electric vehicles, the taxes for purchase is drastically better compared to fuel-powered cars. Usually, the GST on fuel-powered cars is around 45-50%. For electric vehicles, however, the GST is very minimal, about 5% to be precise. This could be one of the main reasons EVs are going to peak in sales in the Indian market in the upcoming years.
