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India cuts import taxes on EVs in win 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 India's new EV policy could potentially bolster Tesla's plans to enter the South Asian market.
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 move that could potentially bolster Tesla’s plans to enter the South Asian market. 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 vehicle sales by 2030. The new policy “will provide Indian consumers with access to latest technology, boost the Make in India initiative, strengthen the EV ecosystem by promoting healthy competition among EV players leading to high volume of production, economies of scale, lower cost of production, reduce imports of crude oil, lower trade deficit, reduce air pollution, particularly in cities, and will have a positive impact on health and environment,” the Ministry of Heavy Industries said in a statement.
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