India's Ministry of Heavy Industries has announced a new EV policy that would spur international investment in the local market.
A major regulatory roadblock has been cleared for Tesla as it plans to expand its presence in South Asia. India, the world’s third-largest passenger vehicle market behind China and the U.S., has agreed to lower its punitive tariffs on certain imported electric vehicles, India’s commerce ministry announced today. India imposes up to a 100% import duty on cars manufactured overseas. That means the standard range Tesla Model 3, which carries an MSRP of $33,990 in the U.S.
' 'It's quite likely that there will be a significant investment relationship with India in the future. Tesla will be in India as soon as humanly possible,' CEO Elon Musk said last year in New York City where Indian Prime Minister Narendra Modi arrived for an official state visit. The two also met on the sidelines and courted each other to build a partnership.
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