As the 2025-26 financial year draws to a close, India’s electric vehicle (EV) market is witnessing its biggest price meltdown yet. Dubbed the “Mega March Carnival,” leading automakers including Hyundai, Tata Motors, and Mahindra have rolled out massive year-end discounts to clear inventory and help businesses maximize tax benefits.
For those planning to switch to green mobility, the window between now and March 31, 2026, offers unprecedented savings that may not return for the rest of the year.
1. The Headliner: ₹10 Lakh Off on Hyundai Ioniq 5
Hyundai has sent shockwaves through the premium segment by offering a flat ₹10,00,000 benefit on the Ioniq 5.
- The Reason: This aggressive move is aimed at clearing the remaining stock of the current CKD (Completely Knocked Down) units to make way for the highly anticipated 2026 facelift model.
- Who it’s for: Buyers looking for a world-class, ultra-fast charging EV at a price point that now rivals much smaller luxury SUVs.
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2. Tata Motors: “Green Pro” Benefits up to ₹3.30 Lakh
India’s EV market leader, Tata Motors, has introduced tiered discounts across its entire “acti.ev” and “empowered” range.
| Model | Maximum Benefits (March 2026) | Key Highlights |
| Tata Curvv.ev | ₹3,30,000 | Includes ₹3 lakh cash discount on MY24/25 stock + exchange bonus. |
| Tata Nexon.ev | ₹1,41,000 | Applicable on both 30kWh (MR) and 45kWh (LR) variants. |
| Tata Tiago.ev | ₹1,30,000 | Includes ₹40,000 cash discount and ₹20,000 exchange bonus. |
| Tata Punch.ev | ₹1,20,000 | Significant price drop for the pre-facelift MY24 micro-SUV units. |
3. Mahindra’s “Born Electric” Anniversary Offers
To celebrate the first anniversary of its “Born Electric” (BE) series and the XEV lineup, Mahindra is offering steep cuts on its flagship electric SUVs.
- XUV400 EL Pro: This model is seeing a massive ₹4,00,000 cash discount, making it one of the most value-for-money electric SUVs in the mid-range segment today.
- Mahindra XEV 9e & BE 6: New-age flagship models are available with anniversary benefits reaching up to ₹2.95 lakh, including special “SUV Upgrade” packages and corporate loyalty bonuses.
4. The Business Advantage: 40% Depreciation
Beyond direct cash discounts, March is the “Golden Month” for business owners and freelancers due to Accelerated Depreciation.
- Tax Saving: While standard petrol/diesel cars allow for 15% depreciation, the Government of India allows 40% depreciation on EVs in the first year.
- Example: On a ₹20 lakh EV, a business can show an ₹8 lakh expense in the first year alone, significantly reducing taxable income.
Read More : Delhi EV Policy 2.0: ₹1 Lakh Subsidy, 100% Road Tax Waiver & 7,000 New Chargers