Tesla Update: Elon Musk’s electric vehicle company Tesla is preparing to buy auto components worth 1.7 to 1.9 billion dollars from Indian auto parts manufacturing companies this year. This information has been given by Commerce and Food Supply Minister Piyush Goyal. Compared to last year, Tesla is going to double its imports. Last year, Tesla imported auto parts worth around one billion dollars from India.
Tesla’s Increased Imports from India
Piyush Goyal, while addressing the annual meeting of the Automotive Component Manufacturers Association (ACMA), said that the imports by Tesla are going to be double as compared to last year. He told that Tesla had imported auto parts worth one billion dollars last year. But in the current year, the company is going to increase its imports from Rs 1.7 to 1.9 billion. According to Reuters report, Piyush Goyal said that he believes electric vehicles are the future and that India should attract them. The local auto components industry has a 2.3 percent share in the country’s GDP. By 2025, India will rank third in the world in terms of auto components.
Tesla’s Investment Plans in India
Tesla wants to invest in India, but currently, there is a 100 percent tax on electric vehicle imports. Tesla is demanding a reduction in this tax before investing in India. However, Finance Minister Nirmala Sitharaman has stated that the government has no intention of reducing the import duty on electric vehicles.
Tesla’s Talks with the Indian Government
During Prime Minister Narendra Modi’s visit to America in June 2023, Tesla CEO Elon Musk met the Prime Minister. In the statement given after the meeting, Elon Musk had said that Prime Minister Modi wants Tesla to invest in India and that he would announce this soon. For the last several years, there have been talks between Tesla and the Government of India regarding Tesla’s investment. Elon Musk wants to set up a Tesla factory in India, but Tesla has demanded an exemption in custom duty on imported electric vehicles. The Indian government has been rejecting this demand.
- Tesla is planning to buy auto components worth 1.7 to 1.9 billion dollars from Indian auto parts manufacturing companies this year, doubling its imports compared to last year.
- Commerce Minister Piyush Goyal stated that India should attract electric vehicles, as the local auto components industry has a 2.3 percent share in the country’s GDP.
- Tesla wants to invest in India but is demanding a reduction in the 100 percent tax on electric vehicle imports, which the government has refused to lower.
- Elon Musk met with Prime Minister Narendra Modi in June 2023, where it was revealed that the Prime Minister wants Tesla to invest in India. Talks have been ongoing for years, but Tesla’s demand for an exemption in custom duty on imported electric vehicles has been rejected by the Indian government.
Superfast News Coverage by DelhiBreakings.com team.
For Superfast national news and Delhi Breaking Stories visit us daily at https://delhibreakings.com