In our view, adapting to the newest expertise is a must for automakers to have the ability to compete and win shoppers’ hearts whereas reducing production costs. Since the prolonged COVID-19 pandemic hit the automotive sector hard in 2020, the federal government rolled out Luxury Sales Tax incentives for car purchases in a bid to push the sector’s development in 2021. The incentives are essential because various taxes, such as the LST and Value Added Tax , account for around 30 % – 40 % of automobile prices in the nation.
- Net revenue rose 11% to $20 billion, fueled by