Indian Commerce Minister To Meet Elon Musk To Accelerate Tesla's Entry Into Market
Portfolio Pulse from Shomik Sen Bhattacharjee
Indian Commerce Minister, Piyush Goyal, is planning a meeting with Tesla's CEO, Elon Musk, to discuss Tesla's entry into the Indian market. The meeting will focus on Tesla's plans to set up a manufacturing base in India, including the production of a budget-friendly $24,000 electric vehicle, local component sourcing, and a comprehensive charging network. A key point of discussion will be India's evolving electric vehicle (EV) policy, which may allow automakers to import fully assembled EVs at a reduced tax rate of 15%, provided they commit to local production.
November 09, 2023 | 11:11 am
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Tesla's potential entry into the Indian market could significantly expand its customer base. The discussions about a reduced import tax for EVs and local manufacturing could facilitate Tesla's operations in India.
The meeting between the Indian Commerce Minister and Tesla's CEO indicates a strong interest from both parties in facilitating Tesla's entry into the Indian market. If successful, this could significantly expand Tesla's customer base. The potential reduction in import tax for EVs and the focus on local manufacturing could also make it easier and more cost-effective for Tesla to operate in India.
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