Tesla Discussed Car, Battery-Making Incentives With Indian Officials - Source

Reuters2023-05-18

(Reuters) - Tesla Inc asked how it could take part in domestic incentives in India related to car and battery manufacturing when it held discussions with government officials this week, a source with direct knowledge of the talks told Reuters.

The electric car maker proposed setting up a factory in India to build electric vehicles (EV) and also discussed plans to locally manufacture EV batteries, the person said.

The proposal comes after talks between Tesla and India were deadlocked last year over the car maker's request to lower the import tax on cars, which can reach as much as 100%. India wanted the car maker to build vehicles locally but Tesla wanted to test the market first with imports.

Tesla also discussed India's import taxes on cars but talks mainly centred around understanding the local policies and incentives to set up a new factory, said the source, who declined to be named as the talks were private.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

  • a4xrbj1
    2023-05-19
    a4xrbj1
    Agree, India is overprotective and if you think producing in China is difficult (especially giventhe US - China conflict), then India is a totallydifferent ball game!
  • Goviper
    2023-05-18
    Goviper
    Ask around, how many Non Indian companies  make  money in India and stay viable? 
Leave a comment
2
1