There’s no secret now that Musk’s talks regarding setting up of an electric vehicle facility in India have advanced, more so after Prime Minister Narendra Modi’s visit to the US earlier this year.
The Austin-headquartered EV manufacturer also has an advantage over its global rivals, Great Wall Motors and BYD of China, as India has blocked the duo’s entry in India. Both automakers were denied entry in the world’s third-largest automobile market as their $1 billion investment proposals were rejected by the centre amid the border tensions between the two countries.
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The government is offering a number of incentives to promote the adoption of electric vehicles, including tax breaks and subsidies. This is making India an attractive destination for electric vehicle manufacturers like Tesla. Recently, in an interview with ET, Union Minister of Road Transport and Highways India Nitin Gadkari welcomed the EV maker on our shores. However, Tesla will only be liable for concessions in the country if it plans to manufacture locally. However, if the manufacturing happens in China and the EVs are shipped to India, there will be no concessions.
In other developments, the Musk-led EV maker also leased an office space in Pune in August 2023 for an agreement for five years. It remains to be seen if and when the EV maker enters the growing Indian electric passenger vehicle market.
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