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India cuts import taxes on EVs in win for Tesla's entry plans

TechCrunch · 1y ago

India cuts import taxes on EVs in win for Tesla's entry plans

India has decided to lower import taxes on specific electric vehicles for companies investing at least $500 million and establishing local manufacturing within three years. This move is seen as a potential boost for Tesla's plans to enter the Indian market. Companies meeting these requirements will be able to import 8,000 EVs per year at a reduced import duty of 15% for cars priced above $35,000. The decision aligns with India's goal of increasing EV adoption and reducing dependence on oil imports and aims to achieve 30% electric vehicle sales by 2030.

Related News

Govt approves new EV policy in boost to Tesla's market entry plans

VCCircle

VCCircle · 1y ago

Govt approves new EV policy in boost to Tesla's market entry plans

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.

India commerce minister to meet Tesla's Musk amid market entry talks

Reuters · 1y ago

India commerce minister to meet Tesla's Musk amid market entry talks

Indian Commerce Minister Piyush Goyal is set to meet with Tesla CEO Elon Musk in the United States to advance Tesla's entry into the South Asian market. Discussions will include Tesla's plans for an Indian factory and manufacturing a $24,000 car locally. They will also address the possibility of India reducing import taxes on electric vehicles (EVs) for automakers that commit to local manufacturing. This meeting aims to ensure talks are progressing favorably between India and Tesla.

India yet to decide on lower taxes for imported EVs as local firms resist Tesla

Reuters · 1y ago

India yet to decide on lower taxes for imported EVs as local firms resist Tesla

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.

Blow to Tesla? Govt says not considering tax cuts or exemptions for EV imports

Inc42 · 1y ago

Blow to Tesla? Govt says not considering tax cuts or exemptions for EV imports

The Indian government has stated that there are currently no plans to provide tax cuts or exemptions for the import of electric vehicles (EVs). This announcement comes as Tesla is working to establish a manufacturing unit in India. Previously, there were reports of tax incentives being considered for automakers who commit to manufacturing EVs within the country. The move is aimed at attracting global EV manufacturers and stimulating competition in the Indian market. Tesla's CEO, Elon Musk, had criticized India's high import duties in the past but expressed excitement about the country's future recently.

Tesla CEO Elon Musk to visit India, meet PM Modi and announce investment plans: Report

Thehindubusinessline

Thehindubusinessline · 1y ago

Tesla CEO Elon Musk to visit India, meet PM Modi and announce investment plans: Report

Elon Musk, the CEO of Tesla, plans to visit India in April to meet with Prime Minister Narendra Modi. During the visit, Musk is expected to make an announcement regarding Tesla's investment plans and the opening of a new factory in India. Tesla has been lobbying for lower import taxes on electric vehicles in India and has been in talks to set up a manufacturing plant in the country. India recently unveiled a new EV policy that lowers import taxes for manufacturers who invest at least $500 million and set up a factory.

Tata Motors opposes tax cut on EV import amid Tesla’s India foray plans

Inc42 · 1y ago

Tata Motors opposes tax cut on EV import amid Tesla’s India foray plans

Tata Motors is opposing a proposal to lower import taxes on electric vehicles (EVs) in India, as the government considers Tesla's plan to enter the market. Tata argues that its investors made decisions assuming the existing tax regime, which supports local entities, would remain unchanged. The company emphasizes the need for government support during the early stages of India's EV industry growth. India is contemplating tax reductions on imported fully assembled EVs for up to five years to attract companies like Tesla. Local automaker Mahindra & Mahindra has also raised concerns about the EV tax plan.

Wooing Tesla? Centre Lowers Import Duty On EVs To Boost Investments In India

Inc42 · 1y ago

Wooing Tesla? Centre Lowers Import Duty On EVs To Boost Investments In India

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.

Elon Musk may announce Tesla's entry in India after meet with PM Modi: Report

Livemint

Livemint · 1y ago

Elon Musk may announce Tesla's entry in India after meet with PM Modi: Report

According to a senior government official, entrepreneur Elon Musk is expected to announce Tesla's entry into the Indian market following a meeting with Prime Minister Narendra Modi on April 22. While the announcement won't be site-specific, it will signal Tesla's intention to enter the market. Musk confirmed his visit to India earlier this month and a press release and video are expected to be released after his interaction with the prime minister. Tesla has been lobbying the Indian government to lower import taxes on electric vehicles as it explores the possibility of setting up a factory in the country.

For Elon Musk's Tesla, India is not a straight drive

Economic Times

Economic Times · 8d ago

For Elon Musk's Tesla, India is not a straight drive

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.

'Looking forward to meeting with PM Modi': Elon Musk confirms India visit

Economic Times

Economic Times · 1y ago

'Looking forward to meeting with PM Modi': Elon Musk confirms India visit

Elon Musk has confirmed his visit to India and expressed his excitement to meet with Indian Prime Minister Narendra Modi. Tesla's investment plans in India are likely to be announced during Musk's visit, scheduled for the week of April 22. The Indian government's recently announced electric vehicle policy, which offers import duty concessions to companies investing at least $500 million in the country, aims to attract major players like Tesla. Musk previously expressed interest in entering the Indian market and had requested duty cuts to import Tesla vehicles.

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