HT Auto is here to keep you informed about the latest in the automotive industry. With the fast-paced nature of the automobile world, it can be tough to stay up-to-date on all the new developments. But fear not, we've got you covered with the most crucial updates from Tuesday, July 23, 2024.

Budget 2024 boost for hybrids and EVs

The Union Budget 2024 didn’t have much to offer India’s burgeoning EV industry. There was no announcement of tax sops for hybrids or FAME scheme extension, which were among the key expectations of the auto industry. However, the waiver of customs duty for 25 key minerals including lithium, copper and cobalt will give a boost to India's hybrid and EV sector, as it will aid local battery cell manufacturing.

Union Budget 2024: How Indian auto inc reacts

The Union Budget 2024 had no direct announcements for the auto sector, except a few announcements that will indirectly impact the industry. There was no road tax waiver for hybrid vehicles, no GST-related announcement involving the auto industry, and no mention of the FAME scheme extension.

Citroen Basalt bookings begin

Certain Citroen dealerships have started accepting pre-bookings for the Basalt, at a token of ₹25,000-51,000, depending on the outlet, although the delivery timeline is yet to be confirmed. The coupe SUV is expected to be launched around mid-August this year and will be one of the first ICE coupe SUVs in the mass-market space.

Genesis trademarks GV80, GV80 Coupe SUV designs in India

Hyundai has been mulling to bring its luxury brand Genesis to India for a long time but the company could be finally taking the road in that direction with a massive new strategy planning starting with the IPO. Meanwhile, the Genesis GV80 and GV80 Coupe SUV designs have been trademarked in India. These luxury SUVs could arrive as potential rivals to the offerings from Mercedes-Benz, BMW, Audi, Lexus and more.

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