India lowers import duty for high-end electric cars like Tesla and VinFast to 15% for 5 years, with a $500M investment requirement for local manufacturing.
India has announced a policy overhaul for high-end foreign-made electric cars, lowering import duty for vehicles such as Tesla and VinFast to 15% for up to five years, provided the companies commit to invest at least $500 million (Rs 4,150 crore) for local manufacturing. The policy, crafted by the heavy industries ministry and the department for promotion of industry and internal trade, aims to attract global players and promote domestic value addition.
March 15, 2024
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