NeW EV Policy Pushes Global players to 'Build inindia

  It is understood that India will significantly cut import tariffs on electric vehicles, some models from 100% to 15% tax rate. Meanwhile, the company, which has pledged to invest more than $800 million, will import a total of 40,000 electric cars, or 8,000 a year.

  India has long imposed high tariffs on overseas vehicles, which have become a key barrier to entry of overseas electric vehicles into the Indian market. India previously imposed a 100 per cent import tax on electric vehicles costing more than $40,000.

  India's electric car market is small but growing as Tata Motors, a local carmaker, develops electric vehicles. Electric 2023 account for about 2 per cent of sales and the government wants to increase that to 30 per cent by 2030.

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