India launches plan for imported EVs

 

India has opened the window for auto companies to sell imported EVs by paying lower duty in return for promising to invest in the country. While Tesla has opted to stay out, doors have been shut for Chinese companies, such as BYD. Heavy Industries and Steel Minister Mr H. D. Kumaraswamy said four companies have shown interest, while Tesla will sell its cars through its showrooms after importing them at full duty. The application window will remain open till early October. Heavy Industries Secretary Mr Kamran Rizvi said OEMs applying under the scheme and availing of lower import duty will have to roll out a car with at least 25% domestic value addition within three years and increase it to 50% within five years, as per a report.

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