Tesla Will Definitely Be Attracted to PLI Scheme: Heavy Industries Minister

- Advertisement -
- Advertisement -

It is estimated that over a period of five years, the PLI Scheme for Automobile and Auto Components Industry will lead to fresh investment of over ₹42,500 crore

Mahendra Nath Pandey, India’s Heavy Industries Minister, is hopeful that the recently launched PLI scheme for the automobile sector will attract US-Based Tesla to set u a manufacturing center in India.

“Tesla will definitely be attracted to this scheme…I am hopeful,” Pandey was quoted by PTI.

- Advertisement -

It is to be noted here that Tesla has already requested cuts in taxes related to imorting electric vehicles in the country. Tesla’s Elon Musk has requested the government of India to revise tax figures from 100 per cent to 40 per cent.

There were earlier reports noting that Tesla’s call for lowering import duties on electric vehicles was backed by various government institutions. These included the likes of road transport ministry, NITI Ayog, and the department for promotion of industry and internal trade.

The Society of Indian Automotive Manufacturers (SIAM) had earlier explained how the concessions will only help ultra rich. SIAM had also noted that the economically weaker sections of the society were already paying 28 per cent tax on buying two wheeler which are nominally priced. The country, at the moment, levies 110 per cent duty on importing electric vehicles that are priced $40,000.

“We want to do so (launch cars in India), but import duties are the highest in the world by far of any large country. Moreover, clean energy vehicles are treated the same as diesel or petrol, which does not seem entirely consistent with the climate goals of India,” read one of Musk’s tweets.

It is estimated that over a period of five years, the PLI Scheme for Automobile and Auto Components Industry will lead to fresh investment of over ₹42,500 crore, incremental production of over ₹2.3 lakh crore and will create additional employment opportunities of over 7.5 lakh jobs.

- Advertisement -

Related Artcles

LEAVE A REPLY

Please enter your comment!
Please enter your name here
Captcha verification failed!
CAPTCHA user score failed. Please contact us!

Exclusive

India, China Grow Amid First Global Cellular IoT Module Shipments Annual Decline

0
Several companies started local manufacturing in India. 4G Cat 1 bis emerged as the fastest-growing segment. Around 12% of the modules shipped in...

“More Chargers Provide Security And Confidence To Customers, Encouraging EV Adoption”

0
With an agenda to transform the EV industry, EarthtronEV has established 250+ charging stations on major highways across India. The company aims to interconnect...

5G RedCap To Transform IoT Module Shipments

0
Over 60% of IoT module shipments will originate from the Asian & Oceania region. Automotive sector is expected to be a significant driver. The...

Buzz

TSMC

SmartSoC To Provide Chip Design Services Through TSMC’s Design Alliance

0
SmartSoC solutions will provide chip design services and system-level solutions, making it easier for customers to adopt TSMC's technology. Chip design services provider SmartSoC Solutions...

Montra Electric Boosts Amritsar’s Green Mobility with RAAHI Project

0
The initiative is a component of the City Investments to Innovate, Integrate, and Sustain (CITIIS) program, which falls under the auspices of the Ministry...

BYD Delays Vietnam EV Factory Plans

0
Vietnam's government announced in May that BYD plans to construct a facility for manufacturing and assembling electric cars in Phu Tho, a northern Vietnamese...

Important Sectors

TSMC

SmartSoC To Provide Chip Design Services Through TSMC’s Design Alliance

0
SmartSoC solutions will provide chip design services and system-level solutions, making it easier for customers to adopt TSMC's technology. Chip design services provider SmartSoC Solutions...

India, China Grow Amid First Global Cellular IoT Module Shipments Annual Decline

0
Several companies started local manufacturing in India. 4G Cat 1 bis emerged as the fastest-growing segment. Around 12% of the modules shipped in...

Montra Electric Boosts Amritsar’s Green Mobility with RAAHI Project

0
The initiative is a component of the City Investments to Innovate, Integrate, and Sustain (CITIIS) program, which falls under the auspices of the Ministry...

BYD Delays Vietnam EV Factory Plans

0
Vietnam's government announced in May that BYD plans to construct a facility for manufacturing and assembling electric cars in Phu Tho, a northern Vietnamese...
Keysight Technologies Pvt Ltd Logo

Keysight Acquires Spirent Communications For $1.46 billion, Outbids Rival Viavi Solutions

0
Keysight's offers 85.9% premium over Spirent's closing price on March 4, exceeding Viavi's 61.4% premium. Keysight expects new serviceable available market opportunities of...

Manufacturing

BYD Delays Vietnam EV Factory Plans

0
Vietnam's government announced in May that BYD plans to construct a facility for manufacturing and assembling electric cars in Phu Tho, a northern Vietnamese...

JLR To Hire 250 Electrical Technicians For Future EVs

0
These new roles, part of a £15 billion investment, are in addition to 300 positions created last year by the British car maker. Jaguar Land...

Altmin India Partners With WMG To Advance Battery Tech

0
Altmin and WMG will collaborate to strengthen their global battery materials supply chain position by optimizing cathode materials and developing diverse cell designs across...

EVs To Cost Less Than Gas Vehicles by 2027, Says Gartner

0
Gartner predicts a faster decline in production costs compared to battery costs, which represent the most significant expense in an electric vehicle, accounting for...
MG

MG Motor To Set Up Battery Assembly Unit At Halol Facility

0
The company plans to investigate battery cell production in collaboration with external partners. Automaker MG Motor India is actively exploring the possibility of assembling and...