AutomotiveEnergy
25 August 2023, 2:26 pm 1 minute
Reuters was first to report India is working on a new electric vehicle policy that would slash import taxes for automakers that commit to some local manufacturing, following a proposal by Tesla which is considering entering the domestic market. The policy being considered could allow automakers to import fully-built EVs into India at a reduced tax as low as 15%, compared to the current 100% that applies to many EVs. Shares of potential domestic competitors of Tesla like India’s Tata Motors fell nearly 3% on the Reuters report, while rival Mahindra and Mahindra dropped over 2%, dragging the benchmark auto index to an intra-day low with losses of 1.1%.
Market Impact
Shares of potential domestic competitors of Tesla like India’s Tata Motors fell nearly 3% on the Reuters report, while rival Mahindra and Mahindra dropped over 2%, dragging the benchmark auto index to an intra-day low with losses of 1.1%.
Article Tags
Topics of Interest: AutomotiveEnergy
Type: Reuters Best
Sectors: Business & Finance
Regions: Asia
Countries: India
Win Types: Speed
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Significant National Story
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