Record year-end EV discounts: Automakers slash prices to boost sluggish demand

Mahindra & Mahindra, Tata Motors, Hyundai, and Kia are among automakers offering record year-end discounts on electric vehicles (EVs) in a bid to revive sluggish demand.

Sales of such ecofriendly vehicles softened after the government cut goods and services tax (GST) on petrol and diesel cars with effect from September 22. This led to a drop in prices of internal combustion engine (ICE) models, widening the gap with EVs and eroding their relative affordability. Electric car market leader Tata Motors is offering benefits of up to Rs 3.5 lakh on the Curvv RS model, while Mahindra’s XEV 9e has incentives of as much as Rs 3.5 lakh.