New Delhi, April 3 (IANS) After the Prime Minister Narendra Modi government approved a new electric vehicle (EV) policy to attract investments in the EV space by global manufacturers, Tesla is reportedly sending a team this month to search for locations in the country for a $2-3 billion plant.
According to a report in The Financial Times on Wednesday, citing sources, the Elon Musk-run company “would send a team from the US by late April to study sites for the plant”.
The team would reportedly focus on states like Maharashtra, Gujarat and Tamil Nadu which has EV infrastructure in place as well as ports which makes it easier for the company “to export cars”.
Tesla did not comment on the report.
In the new EV policy, the government has reduced the customs duty to 15 per cent, with certain riders.
This now paves the way for Musk to enter the Indian market.
Last year, PM Modi met Musk in the US and appreciated his efforts at making technology accessible and affordable in various sectors.
The Prime Minister invited Musk to explore opportunities in India for investments in electric mobility and the rapidly expanding commercial space sector.
In the new EV scheme, the government mentioned that a minimum investment of Rs 4,150 crore (about $500 million) will be needed to set up manufacturing facilities and production started within three years and reach 25 per cent DVA (domestic value addition) by three years and 50 per cent DVA within 5 years at the maximum.
–IANS
na/
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
