What impact can the slashing of import duty on EVs in India have on the automotive industry
India woos Tesla by slashing import duty on EVs to 15% from 70-100%.
- This reduction in import duty is likely to make electric vehicles more affordable for consumers in India, thereby increasing their adoption rate.
- It is expected to attract more international electric vehicle manufacturers like Tesla to enter the Indian market, leading to increased competition and innovation in the automotive sector.
- The move can also encourage domestic manufacturers to invest more in electric vehicle production, boosting the growth of the electric vehicle industry in India.
- This reduction in import duty aligns with India's goal of reducing carbon emissions and transitioning towards a more sustainable transportation system.
- Overall, slashing import duty on EVs can accelerate the shift towards electric mobility and contribute to the growth of the automotive industry in India.
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a year ago