India offers incentives and lower tariffs to attract Tesla and Elon Musk for a $500m electric vehicle facility with local sourcing.

India aims to attract Tesla and Elon Musk to set up a manufacturing facility by offering incentives for companies investing $500m in new electric vehicle facilities that source 25% of components locally. These firms would be allowed to import 8,000 high-end electric vehicles annually at a lower tariff of 15%. The Indian government hopes this strategy will transform its manufacturing sector and attract more foreign investors.

March 24, 2024
4 Articles