Musk comment comes amid media reports of Tesla looking at announcing investments in the country, which recently unveiled a policy extending concessional tariffs on fully imported electric cars manufactured by foreign carmakers who commit investments to start a local factory. Under the new EV policy announced March 15, the government will allow the import of completely built-up (CBU) electric cars that have a minimum cost, insurance and freight value of $35,000 (Rs29.2 lakh) at 15% import duty for a period of five years in exchange for a minimum investment of $500 million to start local manufacturing.
The luxury car makers that have already been present in India for decades would rather accelerate local assembly in the country as the money will need to be ploughed in within three years of receiving approval under the scheme, said auto executives. The aforementioned companies didnt officially comment on investments under the new policy.
New EV Policy: The luxury car makers that have already been present in India for decades would rather accelerate local assembly in the country as the money will need to be ploughed in within three years of receiving approval under the scheme, said auto executives. The aforementioned companies didn’t officially comment on investments under the new policy.
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Vietnam's leading electric vehicle manufacturer, VinFast on Sunday (25 February) asked the government to reduce import duties on its cars for about two years, so that potential customers get familiar with its products while a local manufacturing plant comes on-stream