Elon Musk may not bring Chinese Teslas to India, likely to seek EV policy benefits
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As the electric vehicle manufacturer prepares to enter India through imports before local production, several state governments are competing to host its manufacturing facility. Gujarat, Maharashtra, Tamil Nadu and Telangana are leading the race.
Quoting sources, the Times of India claimed that the Musk-led company will likely seek benefits under the new EV policy announced in March 2024. This policy permits importing 8,000 vehicles yearly at 15% customs duty (reduced from 110%), provided the company invests Rs 4,150 crore (approximately $500 million) in local manufacturing, along with domestic value addition requirements.
«There is excitement and nervousness in investment departments of key states as they scurry to attract the Tesla investments. The plan is to approach the company management as soon as possible and begin negotiations, including giving out any special benefits,» a source said.
Tamil Nadu, Maharashtra and Gujarat, with their established automotive manufacturing presence and port accessibility, have advantages. Port access is crucial as Tesla's Indian facility will serve as an export centre.
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