Hyundai supports Teslas appeal for lowering EV import duties in India
Category: #headlines  By Pankaj Singh  Date: 2021-07-30
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Hyundai supports Teslas appeal for lowering EV import duties in India

India's second-largest automaker, Hyundai Motor India has recently backed Tesla's proposal for lower import duties on electric vehicles. In a statement, Hyundai said that any drop in import duties will be a big help to automakers to generate needed volume and sales.

Earlier this week, Tesla had stated that it was open to establishing a factory in India if its imported vehicles were successful. However, Tesla CEO Elon Musk added that the Government of India must significantly lower import duties on fully manufactured imported vehicles to make its plans a success.

According to Hyundai, government support in the form of tax reductions and increased investment in charging infrastructure are the two most important factors in accelerating the adoption of electric vehicles in India.

Reportedly, Tesla has sent a letter to Indian ministries, requesting a 40 per cent decrease in central taxes on fully made electric vehicles. Import duties on cars under $40,000 are currently 60%, whereas import duties on cars over $40,000 are 100%. It also depends on factors like insurance, engine size, and freight.

Responding to a tweet question about Tesla’s plans on launching its automobiles in India, Elon Musk said that their company wishes to do the same, but import duties in India are the highest compared to other countries. He continued that EVs are treated the same as petrol or diesel vehicles in India, which does not seem consistent with the country’s climate goals.

As per Hyundai Motor India’s MD and CEO, S S Kim, India has a large potential for the electric two- and three-wheeler market. In contrast, electric four-wheelers still require some time to gain traction. He added that manufacturers are still challenged by the issue of adequate charging facilities while customers are largely concerned about driving range when it comes to EVs.

Source Credit - https://www.autocarindia.com/car-news/hyundai-backs-teslas-call-for-lower-ev-import-duties-421558

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Pankaj Singh    

Pankaj Singh

With an experience as an insurance underwriter and a freelance writer under his belt, Pankaj Singh boasts of quite some expertise in the field of content creation. A qualified Post Graduate in Management, Pankaj has also completed a detailed course in Digital Marketin...

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