India Lures Tesla with Lower Import Taxes for EV Investment

  • In a bid to boost electric vehicle (EV) adoption and attract foreign investment, India announced a new policy.
  • The policy offers a significant cut in import taxes on electric vehicles.
  • However, this benefit comes with a condition, companies must invest at least $500 million and set up local manufacturing facilities within three years.
  • This move is seen as a direct incentive for Tesla, which has been lobbying for lower import duties.
  • Currently, India imposes a hefty tax (70-100%) on imported cars, making Teslas prohobitavely expensive (prohibitively expensive).
  • Analysts believe this policy change could pave the way for Tesla's official entry into the Indian market, making high-end EVs more affordable.

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