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Private Sector | Multi State - India | PID: 202735
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Elon Musk-led Tesla will send a team to India this month to scout for locations for a proposed USD two-to-three billion electric car plant.
Tesla is likely to set up its base in states in India which house automotive hubs, such as Maharashtra, Gujarat and Tamil Nadu. It is considering building a smaller car which would be priced at less than USD 30,000. It plans to carry out sale and also export to Southeast Asia, the Gulf, Africa, and southern and eastern Europe.
global automakers are keen to start manufacturing EVs in India, and in this regard the Central government in March, 2024 has allowed import of completely built-up (CBU) electric cars with a minimum cost, insurance and freight (CIF) value of USD 35,000 at 15 percent import duty for a period of five years.
This benefit is applicable for applicants/companies who are committing a minimum investment of Rs 4,150 crore or USD 500 million in maufacturing activities. The companies will also have to meet other requirements such as increasing the rate of localization to 25 percent in three years and 50 percent within five years. The modification is in light of increasing adoption of EVs to cut import of crude oil and meet its carbon reduction target.
| Updated on: 10 - Apr - 2024
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