With Tesla push, India mulls import tax cut if EV makers build locally 

by DailyBriefers


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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