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Tesla ready to invest up to $2 billion in Indian factory

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Tesla ready to invest up to $2 billion in Indian factory

Robert Besser
29 Nov 2023, 14:37 GMT+10

  • ET reported that Tesla is ready to invest up to $2 billion to build a factory in India, providing New Delhi cuts import duty on its vehicles to 15 percent for the first two years of operations
  • In August, Reuters reported that in exchange for a commitment to produce EVs locally, India is willing to cut import taxes to as low as 15 percent
  • The EV maker, headed by billionaire Elon Musk, said that if the government approves the reduced duty for 12,000 cars and up to $2 billion if the concession is for 30,000 cars, it is willing to invest up to $500 million

NEW DELHI, India: On November 24, the Economic Times (ET) reported that Tesla is ready to invest up to $2 billion to build a factory in India, providing New Delhi cuts import duty on its vehicles to 15 percent for the first two years of operations.

In August, Reuters reported that in exchange for a commitment to produce EVs locally, India is willing to cut import taxes to as low as 15 percent from the current 100 percent on cars priced above $40,000 and 70 percent for those under that price.

The electric vehicle (EV) maker, headed by billionaire Elon Musk, said that if the government approves the reduced duty for 12,000 cars and up to $2 billion if the concession is for 30,000 cars, it is willing to invest up to $500 million.

The ET added that the Indian government, which is assessing Tesla’s proposal to invest $2 billion, wants to reduce the number of cars imported at a lower duty stated in the proposal.

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