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Tesla boss Elon Musk alludes to building factory in India | Financial

The electric car manufacturer is currently trying to lower import tariffs in the country due to a possible expansion to India, reports Bloomberg news agency based on insiders.

India is considered one of the world’s largest automotive growth markets. According to Musk, import fees in India are among the highest in the world. He thus answered a question about possible sales of Tesla in the country. Musk hopes India will at least temporarily lower import tariffs for electric cars. “If Tesla succeeds in importing cars there, then a factory is very likely,” said the CEO.

Import tariff

Tesla has written to the Indian ministries of transport and industry to bring down the current import tariff for electric cars, which is between 60 and 100 percent, to 40 percent, insiders said. In India, electric cars now make up less than 1 percent of new passenger car sales. In China it is 5 percent. Tesla already has a factory there, the first outside the United States.

Indian Prime Minister Narendra Modi has promised that the government will support the electric car industry with subsidies, but the poor charging infrastructure and high costs still make that difficult.

Tesla boss Elon Musk alludes to building factory in India | Financial
Source link Tesla boss Elon Musk alludes to building factory in India | Financial

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