India to Open New Ev Policy to Attract International Ev Makers like Tesla

Electric vehicles (EV) market has increased rapidly over the years. One may soon apply for a new policy with the aim of bringing International Electric Vehicle Makers in India included in large automobile markets. In this policy, these companies will be offered less import duty on manufacturing EV in the country.

This policy was announced last year. It has been offered to reduce duty on imported electric vehicles up to $ 35,000 to 15 percent. However, to take advantage of import duty exemption, the EV company will have to invest a minimum of $ 500 million in setting up factory in the country within three years. In a report by Bloomberg News, it has been told by the sources who are aware of this that applications for this can be opened this month.

International EV companies like Billionaire Elon Musk’s Tesla are preparing to start business in India. However, Mask has expressed displeasure over more import duty on imported vehicles in the country. The competition of international EV companies in the country will also increase competition for Indian automobile companies. Tata Motors have the highest stake in EV market. However, the condition of financial eligibility for companies taking advantage of this policy has been made strict. In this, EV maker will have to get a minimum of Rs 50 billion revenue in the fourth year of his business. The company that does not meet this condition will have to repay up to three percent of the difference in revenue.

Vinfast of Vietnam has also confirmed the launch of its VF6 and VF7 in the country. Both these electric SUVs have been designed and developed in Viamam. These SUVs will be changed according to Indian conditions. Vinfast has reported that bookings for VF6 and VF7 will be started in June. The company’s factory is being set up in Tamil Nadu. The factory will start in the next few weeks and its initial annual capacity will be around 50,000 units. The company displayed its electric vehicles at the Bharat Mobility Global Expo held earlier this year. The company is trying to increase its sales in Asian countries rather than expansion in North America and Europe.