“India Refuses to Lower EV Import Tax, Puts Tesla’s Entry Plans in Question”
India’s recent announcement signaling no immediate reduction in taxes on imported electric vehicles has cast doubts on Tesla Inc.’s ambitious plans to enter the Indian market, potentially causing a setback for the electric car giant.
India’s recent announcement signaling no immediate reduction in taxes on imported electric vehicles has cast doubts on Tesla Inc.’s ambitious plans to enter the Indian market, potentially causing a setback for the electric car giant.
In an unexpected turn, Som Parkash, junior minister of the Ministry of Commerce and Industry, conveyed to parliament on Wednesday that the government is not presently contemplating reducing taxes on imported electric vehicles. This stance contradicts earlier expectations, as the government had been exploring a policy allowing international companies to import electric cars at concessional tax rates, provided they committed to future manufacturing in India.
Parkash clarified that the current government policies, aligned with the “Make-in-India” initiative, focus on incentivizing domestic and foreign investment in the electric vehicle (EV) industry. These initiatives include a $3.1 billion incentive program initiated in 2021 to bolster local EV production and a $2 billion scheme offering incentives for companies willing to establish battery manufacturing units in India.
The unexpected government statement deviates from recent discussions that hinted at a policy shift facilitating imported electric cars for international companies seeking to enter the Indian market. Bloomberg News reported last month about India’s intentions to craft a policy granting concessional tax rates for EV imports, contingent on future manufacturing commitments in the country.
The situation presents a potential roadblock in the ongoing negotiations between India and Tesla. The earlier deadlock between the two sides revolved around Prime Minister Narendra Modi’s administration’s push for local production, while Tesla’s CEO, Elon Musk, sought reduced taxes for selling vehicles manufactured elsewhere.
Although dialogues between Tesla and India had resumed, and Musk expressed the likelihood of a “significant investment” in India during PM Modi’s visit to the US in June, these plans could now face delays.
Previously, discussions indicated progress toward an agreement between India and Tesla, encompassing plans for the US automaker’s car sales in the country from next year and establishing a factory within two years.
Trade Minister Piyush Goyal, who visited Tesla’s Fremont plant in California last month, highlighted Tesla’s intent to increase purchases of auto parts from India to $1.9 billion this year, suggesting a deepening trade relationship.
The recent government stance poses uncertainty over Tesla’s envisioned entry into the Indian market, potentially impacting timelines and strategies outlined in their ongoing discussions.
Sources By Agencies
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