Tesla Prepared To Invest $2B Investment In Indian Factory, Awaits Import Duty Concession For EVs

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Tesla Prepared To Invest $2B Investment In Indian Factory, Awaits Import Duty Concession For EVs

Benzinga2023-11-24

Tesla Inc. is keen on expanding its presence in India, but there's a caveat: a demand for a reduced import duty of 15% on its electric vehicles (EVs) for the initial two years. The success of Tesla's ...

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·2023-11-24
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Should the Indian government approve a reduced tariff for 12,000 vehicles, Tesla is ready to invest $500 million. However, if the concession extends to 30,000 vehicles, the investment could soar to $2 billion.</p><p style=\"text-align: start;\">The Indian government, on the other hand, is treading carefully. It is contemplating a reduction in the number of cars permissible under this preferential tariff, possibly limiting them to 10% of the total EVs projected to be sold in India this fiscal year (approximately 10,000 units), with a 20% increment in the second year.</p><p style=\"text-align: start;\">The delay in decision-making is attributed to Tesla&#39;s proposal, which also includes a pledge to localize up to 20% of the value of cars manufactured in India within two years. This proposal is currently under the rigorous scrutiny of several ministries, with guidance from the Prime Minister&#39;s Office.</p><p style=\"text-align: start;\">Currently, India imposes a hefty 100% import duty on cars priced over $40,000 and 70% for those priced lower. The government may request a bank guarantee tied to Tesla&#39;s capital commitment as a safeguard, although Tesla is resisting this requirement.</p><p style=\"text-align: start;\">Tesla intends to launch its Indian operations with three models: the Model 3, Model Y, and a new hatchback, anticipating a substantial increase in auto parts sourced from India. 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The success of Tesla's ...</p>\n\n<a href=\"https://www.benzinga.com/news/23/11/35935743/elon-musks-tesla-prepared-to-invest-2b-investment-in-indian-factory-awaits-import-duty-concession-fo\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLL":"Direxion Daily TSLA Bull 2X Shares","TSLQ":"Tradr 2X Short TSLA Daily ETF","TSLA":"特斯拉"},"source_url":"https://www.benzinga.com/news/23/11/35935743/elon-musks-tesla-prepared-to-invest-2b-investment-in-indian-factory-awaits-import-duty-concession-fo","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1194282717","content_text":"Tesla Inc. is keen on expanding its presence in India, but there's a caveat: a demand for a reduced import duty of 15% on its electric vehicles (EVs) for the initial two years. The success of Tesla's ambitious plan hinges on the Indian government's approval of this concession.As per a report by the Economic Times, Tesla is prepared to invest a colossal $2 billion in a local factory, contingent upon the volume of cars it can import under this lowered tariff. The proposed deal? Should the Indian government approve a reduced tariff for 12,000 vehicles, Tesla is ready to invest $500 million. However, if the concession extends to 30,000 vehicles, the investment could soar to $2 billion.The Indian government, on the other hand, is treading carefully. It is contemplating a reduction in the number of cars permissible under this preferential tariff, possibly limiting them to 10% of the total EVs projected to be sold in India this fiscal year (approximately 10,000 units), with a 20% increment in the second year.The delay in decision-making is attributed to Tesla's proposal, which also includes a pledge to localize up to 20% of the value of cars manufactured in India within two years. This proposal is currently under the rigorous scrutiny of several ministries, with guidance from the Prime Minister's Office.Currently, India imposes a hefty 100% import duty on cars priced over $40,000 and 70% for those priced lower. The government may request a bank guarantee tied to Tesla's capital commitment as a safeguard, although Tesla is resisting this requirement.Tesla intends to launch its Indian operations with three models: the Model 3, Model Y, and a new hatchback, anticipating a substantial increase in auto parts sourced from India. 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