India considers tax cuts for five years to lure manufacturers like Tesla to import electric cars

News from this site on November 14, according to reports from the Economic Times of India and Bloomberg and other media, India is considering implementing a five-year tax reduction policy for the import of complete electric vehicles to attract companies such as Tesla to invest in India. Sales and future local production of cars in India.

The Indian government is formulating policies to allow international automakers to import electric vehicles at preferential rates, as long as the manufacturers commit to eventually manufacturing the vehicles in India, people familiar with the matter said.

Source Pexels

Of course, India has not finalized the specific policy details and is still considering it. The news comes from people familiar with the discussions who spoke on the condition of anonymity because the negotiations are currently confidential. In 2021, Tesla had asked for lower import tariffs on electric vehicles. The company wants India to reduce import duties on its vehicles to 40% from the existing 100%, though this will depend on the import value of its vehicles.

In addition, Tesla CEO Elon Musk is expected to meet with Indian Trade Minister Piyush Goyal later this week to discuss imports and factory construction. Goyal is currently in San Francisco to attend ministerial meetings related to the Indo-Pacific Economic Framework and APEC.

According to reports, they will discuss Tesla’s construction of a factory in India, which will produce electric vehicles worth US$24,000 (approximately RMB 175,000). In addition, Tesla also plans to purchase more parts in India and build charging infrastructure across the country

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"Source: Tesla CEO Musk next week Will meet with the Indian Minister of Commerce to discuss building factories and reducing automobile tariffs"

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