India’s New EV Policy

India’s Welcome Mat for Tesla and EV Innovation

The government has approved a new scheme aimed at bolstering the electric vehicle (EV) sector in India, with a key focus on transforming the nation into a prominent manufacturing hub for electric vehicles.

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This strategic move is expected to stimulate foreign investment inflows, potentially attracting companies like Elon Musk’s Tesla, thus contributing significantly to the growth and development of the Indian EV industry.

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Provision: Customs Duty for CIF value of USD 35,000. Requirements: 15% duty for five years if the manufacturer establishes a facility in India within three years.

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Provision: Achieve 25% and 50% localization by the third and fifth years, respectively. Requirements: Up to 40,000 EVs or 8,000 per year with an investment of USD 800 million or more.

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A BOON FOR TESLA?

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India’s New EV Policy

The government has approved a new scheme aimed at bolstering the electric vehicle (EV) sector in India, with a key focus on transforming the nation into a prominent manufacturing hub for electric vehicles.

This strategic move is expected to stimulate foreign investment inflows, potentially attracting companies like Elon Musk’s Tesla, thus contributing significantly to the growth and development of the Indian EV industry.

Key Features

Provision: Customs Duty for CIF value of USD 35,000. Requirements: 15% duty for five years if the manufacturer establishes a facility in India within three years.

Provision: Achieve 25% and 50% localization by the third and fifth years, respectively. Requirements: Up to 40,000 EVs or 8,000 per year with an investment of USD 800 million or more.

A BOON FOR TESLA?

India’s New EV Policy