India's new EV policy not suitable for JLR at present: Tata Motors Group CFO
Tata Motors on Thursday said its British arm Jaguar Land Rover has no plans at present to leverage India's new electric vehicle policy that offers import duty concessions to firms setting up manufacturing units in the country, as it is not suitable for the company.
In March this year, the government announced the new electric vehicle policy to attract major global players like Tesla, allowing them to import a limited number of cars at lower customs/import duty of 15 per cent on vehicles costing USD 35,000 and above for a period of five years from the date of issuance of the approval letter by the government.
«At this point in time that specific policy is not something that is suitable for us. So, we don't intend to leverage it at this point in time,» Tata Motors Group CFO PB Balaji said at the earnings conference.
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He was responding to a query on whether Jaguar Land Rover (JLR) has any plans to leverage India's new EV policy with an eye on future mass production of electric vehicles in the country.
Balaji said that currently, JLR's business in India is «on a very good wicket, growing very strongly».
«We have just localised the manufacturing of Range Rover and Range Rover Sport, and we are seeing huge pickups in order in that front. As volumes pick up, we would like to keep localising to the extent possible, and if the policy environment we are able to leverage upon, we will definitely consider it,» he added.
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