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Govt approves new EV policy in boost to Tesla's market entry plans
VCCircle
·
1y ago
Medial
India has approved a new electric vehicle (EV) policy that includes lower import taxes on EVs for companies making significant investments in the country. The policy requires companies to invest at least $500 million and establish local manufacturing for EVs within three years. Those meeting the criteria will be allowed to import up to 8,000 EVs annually with a reduced import duty of 15% for vehicles costing $35,000 and above. This move may pave the way for Tesla's market entry into India.
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Tesla Pulls Into India
Inc42
·
1y ago
Medial
Tesla is set to make its long-awaited entry into the Indian market this year, signaling a new phase of growth for the country's electric vehicle (EV) industry. Reports suggest that Tesla is preparing for its first major shipment to India and is also exploring options for setting up a manufacturing plant in the country. The move comes after the Indian government approved a new EV policy, which includes lowering import duties for EV manufacturers and setting localisation targets. Tesla's entry is expected to accelerate the growth of the Indian EV market, which has so far been dominated by two-wheelers and three-wheelers.
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Wooing Tesla? Centre Lowers Import Duty On EVs To Boost Investments In India
Inc42
·
1y ago
Medial
The Indian government has approved a new policy that offers reduced import duties on electric vehicles (EVs) for companies willing to set up manufacturing facilities in the country. Under the scheme, import duties on vehicles with a CIF value of $35,000 or more will be lowered to 15% for five years. Companies would need to invest at least INR 4,150 crore ($500 million) to avail of this benefit. The policy aims to promote EV manufacturing in India and address the demands made by Tesla. The new scheme is expected to facilitate Tesla's entry into the Indian market.
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India yet to decide on lower taxes for imported EVs as local firms resist Tesla
Reuters
·
1y ago
Medial
India is still undecided on whether to reduce import taxes on electric vehicles (EVs) as part of a proposed policy that aims to encourage local manufacturing and potentially facilitate Tesla's entry into the market. Indian automakers are concerned about competition from Tesla and other global car manufacturers. The proposed policy plans to slash the current 100% EV import tax to as low as 15% for companies that commit to investing and manufacturing in India. Tesla has expressed interest in building a factory in India and offering EVs at a lower price range. However, domestic industry resistance has made it difficult to reach a final decision on the matter.
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For Elon Musk's Tesla, India is not a straight drive
Economic Times
·
24d ago
Medial
Tesla's entry into India marks a significant milestone, starting with a Mumbai showroom and aiming to expand to Delhi. However, high import duties pose a challenge, affecting Tesla's competitive edge in the price-sensitive market. The company's cautious approach focuses on testing demand through imports, with potential local manufacturing contingent on favorable trade deals or policy changes. Competition from established brands and new players like BYD adds pressure, making Tesla's success in India uncertain but potentially rewarding.
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India cuts import taxes on EVs in win for Tesla's entry plans
TechCrunch
·
1y ago
Medial
India is set to reduce import taxes on certain electric vehicles (EVs) for companies that commit to investing at least $500 million and establishing local manufacturing within three years. This move could potentially support Tesla's plans to enter the Indian market. Under the policy change, companies meeting the investment and manufacturing requirements will be allowed to import 8,000 EVs each year at a reduced import duty of 15% on cars costing $35,000 and above. This aligns with India's goal to boost EV adoption and reduce oil imports. Other EV makers like VinFast and Lotus Cars are also eyeing India as a manufacturing hub.
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Maharashtra Cabinet approves EV policy 2025 with tolll waivers and purchase subsidies
Entrackr
·
3m ago
Medial
The Maharashtra cabinet has approved Electric Vehicle Policy 2025 as per which certain electric vehicles plying on highways will be given a toll waiver, and subsidies on purchase of such vehicles to boost their use to help bring down air pollution. The policy was approved in the state cabinet meeting chaired by Chief Minister Devendra Fadnavis. A statement said the policy will be valid till 2030 and Rs 1,993 crore will be earmarked for the sector. "The state government has approved a new Electric Vehicle (EV) policy, under which passenger EVs will be given subsidies. EV manufacturing and their use should increase in the state," said Fadnavis. According to the policy, the charging infrastructure will be strengthened under it and there will be charging facilities on the national highways at a distance of 25 km. The policy also envisages implementing the Clean Mobility Transition Model by giving sops to those buying EVs till 2030. Electric two-wheelers, three-wheelers, private four-wheelers, state transport corporation buses, private buses, transport undertakings under civic bodies will be given 10 per cent concession on purchase as against its original cost. Electric goods-carrying three-wheelers and four-wheelers, electric tractors will be given a concession of 15 per cent as against its original cost. Under this policy, registration fee will also be waived for EVs. Under this policy, toll will be waived for four-wheeler EV vehicles and buses using Mumbai-Pune Expressway, Atal Setu, Samruddhi Mahamarg. Toll will only be 50 per cent for these vehicles plying on state and other national highways.
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Auto players line up array of new EV models in coming years on govt push to green mobility
Thehindubusinessline
·
1y ago
Medial
The Indian auto industry is preparing to introduce a range of electric vehicle models in response to the government's new policy promoting eco-friendly mobility solutions. Major players such as Maruti Suzuki, Hyundai, Mahindra & Mahindra, and Tata Motors are developing new electric vehicles to meet demand. Mahindra & Mahindra is set to launch five new battery electric SUVs starting January 2025, while Maruti Suzuki plans to produce a high-spec EV with a 550 km range in FY24-25. Hyundai, Tata Motors, Audi, and Mercedes-Benz also have electric vehicle expansion plans for the Indian market.
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Upcoming General Elections To Slow Down Talks For Tesla’s India Entry
Inc42
·
1y ago
Medial
Tesla's plans to enter the Indian electric vehicle market may face delays due to the upcoming general elections. Talks between the Indian government and Tesla are expected to slow down temporarily and resume after the elections. The company is open to investing around $30 billion in India and setting up a local factory within three years of entry. Despite this setback, Tesla is just one of many global automakers targeting the growing Indian EV market, projected to reach $110 billion by 2029.
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A more profitable Tesla is still a pricey ride
Livemint
·
9m ago
Medial
Tesla's third-quarter results exceeded expectations and led to a boost in stock price. The company managed to reverse the decline in automotive gross margins and achieved strong growth in sales and gross profits in its energy generation and storage segment. However, overall growth is below the company's usual performance, and sustaining margins in the current economic environment might be challenging. Analysts have increased profit targets, but Tesla's valuation remains high compared to tech giants like Apple and Amazon. The success of Tesla's ambitious plans, such as producing Robotaxis and developing a humanoid robot, is uncertain. Tesla also faces challenges in regulatory approvals and competition in the EV market.
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Tesla faces second straight year of falling sales after another bad quarter | TechCrunch
TechCrunch
·
1m ago
Medial
Tesla experienced a 13.5% drop in vehicle deliveries in Q2 2025 compared to Q2 2022, marking two consecutive years of declining sales. Despite Musk attributing past sales issues to production changes, no such disruptions occurred in Q2. Tesla's attempt to boost sales included price cuts, promotions, and minor upgrades. Meanwhile, other automakers like Ford and Hyundai also faced EV sales declines, though GM increased U.S. EV sales through new models. Tesla's financial impact will be detailed in its July earnings report.
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