Tesla Is Keen To Start A $3 Billion EV Plant In India
By: Geetanjali
Tesla is looking forward to sending a team to India by the last week of April, to lookout a location to set up a $2 to $3 billion electric vehicle plant in India. In a report published by Hindustan Times earlier this year, Tesla has started its EV production in its Berlin manufacturing units, to on road its EV in India by the end of this year.
This can be an effect of EVs decreasing demand in its main markets like the U.S, Europe, China, while the demand has nearly doubled in the last few years.
This came after New Delhi, came forward with its new EV policy last month. Allowing a limited number of imports at a lower import/custom duty, applicable to companies who have established their manufacturing units in the country. It will allow such companies a 15% lower import duty on vehicles costing $35,000 or above from 5 years of their approval issuance date.
As per the reports, Tesla has considered automotive hubs like Maharashtra, Gujarat, Tamil Nadu, is also considering New Delhi and its neighbouring state Haryana for its manufacturing unit. However, Tesla is prioritising to scout a location that is near the ports, for easy and cheap trade of the automotive goods.
Reuters in its report has mentioned that Tesla has been in talks with the government to set up a manufacturing unit in India.
India’s EV market is rapidly growing, and has seen a 41.2% Y-o-Y (Year on Year) growth rate in FY24. In March alone, over 1,97,000 EVs have been sold across India.
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