Last Updated: July 14, 2023, 05:56 IST
Tesla’s first-quarter automobile gross sales in 2023 rose by 36 p.c after the corporate lower costs twice in a bid to stimulate demand. (AP Photo/David Zalubowski, File)
India’s finance ministry dismisses responsibility waivers for Tesla, whereas discussions proceed for the automaker’s funding within the nation
India’s finance ministry is just not contemplating any responsibility waivers for U.S. automaker Tesla Inc, Revenue Secretary Sanjay Malhotra informed Reuters on Thursday. This report comes practically a month after Tesla CEO Elon Musk mentioned Prime Minister Narendra Modi in New York.
Previous discussions between the favored US automaker and the Indian authorities centered on acquiring customs responsibility exemptions for the import of its electrical autos, a request that was finally denied by India. “Any responsibility waiver for Tesla is just not below lively consideration of the Department of Revenue, as of now,” Malhotra said on Thursday.
American electric car maker Tesla has gained attention as it expresses interest in launching EVs in India. Following discussions with the government on policies and duty, the company is now engaging with relevant ministries to establish manufacturing facilities.
According to reports, Tesla plans to build a factory producing over 500,000 electric cars annually. If successful, the Elon Musk-owned company aims to introduce an entry-level EV starting at Rs 20 lakh.
Moreover, Tesla intends to utilize India as an export hub for delivering EVs to the Indo-Pacific region, leveraging its existing presence in China. Last month in New York, Musk said he is confident Tesla will be in India and will do so as soon as humanly possible.
“I would like to thank the Prime Minister for his support. Hopefully, we will be able to announce something in the not-so-distant future,” he mentioned after assembly Modi. “We don’t wish to soar the gun on an announcement, however there will likely be a big funding relationship with India sooner or later,” he added.
(With company inuputs)
