Business

Tesla is prepared to open a manufacturing in India, subject to this requirement

In exchange for the government lowering the import duty on Tesla vehicles to 15% for the first two years of operation, the company is willing to invest up to $2 billion to establish a factory in India.
India is developing a new electric vehicle (EV) policy that would reduce import tariffs to as low as 15% in exchange for a commitment to some local manufacture. Currently, import taxes are 100% on cars costing more than $40,000 and 70% on all other automobiles.

With the Model 3, Model Y, and a new hatchback priced at $39,000 (Rs 32.37 lakh), $44,000 (Rs 36.52 lakh), and $25,000 (Rs 20.75 lakh) in the US, respectively, Tesla is preparing to begin operations in India.

If the government accepts the decreased duty for 12,000 vehicles, the Elon Musk-led electric vehicle (EV) manufacturer is prepared to invest up to $500 million, and if the concession is for 30,000 vehicles, up to $2 billion.

India now imposes a 100% import charge on cars costing more than $40,000 after insurance and freight, and a 70% duty on cars costing less. In addition, in the event that the US automaker fails to allocate cash in accordance with its pledge, the government could demand a bank guarantee connected to the capital commitment in order to recover loss due to import duty.

Also Read: Why wasn’t Rinku Singh’s last-ball six counted in the India vs Australia match?

The government is considering whether to invest the $2 billion that Tesla has proposed, but in contrast to Tesla, it wants to import fewer cars at a lower duty.
.

Bharat Express English

Recent Posts

PM Carney Vows To Defend Canadian Economy Against Trump’s Tariff Threat

PM Mark Carney reaffirmed his government’s resolve to shield Canadian industries from the impact of…

37 mins ago

NSA Doval Rebukes Foreign Media Over Misreporting Of ‘Operation Sindoor’

At the 62nd IIT-Madras convention, NSA Ajit Doval condemned foreign media coverage of Operation Sindoor,…

1 hour ago

Gautam Adani: ‘Spine Is Both Medical Miracle & Corporate Necessity For Self-Belief’

Adani Group Chairman Gautam Adani emphasised the significance of the human spine both medically and…

1 hour ago

Still Choosing Each Other: Divyanka-Vivek Celebrate 9 Years Of Togetherness

Divyanka and Vivek celebrate 9 years of togetherness, also sharing a special message that they…

2 hours ago

Anil Kumble Backs Nitish Kumar Reddy; Urges India To Stay Consistent With Team Selection

Former India captain Anil Kumble praised Nitish Kumar Reddy for his impactful performance on Day…

4 hours ago

Indian Astronaut Shubhanshu Shukla To Begin Return From ISS On July 14; Confirms Axiom Space

Indian astronaut Shubhanshu Shukla, currently aboard the International Space Station, will begin his return journey…

4 hours ago