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India Cuts Import Taxes on EVs in Boost For Tesla's Entry Plans
India will lower import taxes on certain electric vehicles for companies committing to invest at least $500 million and setting up a local manufacturing facility within three years, a policy shift that could potentially bolster Tesla's plans to enter the South Asian market. From a report: Companies ...
India will lower import taxes on certain electric vehicles for companies committing to invest at least $500 million and setting up a local manufacturing facility within three years, a policy shift that could potentially bolster Tesla's plans to enter the South Asian market. From a report: Companies must invest a minimum of $500 million in the country and will have three years to establish local manufacturing for EVs with at least 25% of components sourced domestically, according to a government press release on Friday. The move also aligns with India's goal to boost the adoption of EVs and reduce its dependence on oil imports, with the country setting a target of achieving 30% electric car sales by 2030.
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