US electric vehicle and clean energy company, Tesla Inc, is welcome to India if they commit to local manufacturing, assembling, and sourcing norms, a senior Ministry of Finance official said on Friday. The official said, “If Tesla or other firms need a concessional tax rate structure for electrical vehicles, they will have to give a commitment to do some local manufacturing, assembling, and sourcing.”
The finance ministry official said that investments are already coming with the current tariff structure and other foreign companies are selling their electric vehicles with the current tariff structure. The route is open for others also with the current tariff structure.
Tesla Chief Executive Officer Elon Musk has requested India to lower taxes and also allow the company to first sell vehicles built elsewhere at a competitive price.
Import duty in India is 25% to 100% on completely built unit (CBU) vehicles.
Last year in September, Tesla officials were spotted driving a red Tesla Model 3 car in the building of the Ministry of Road Transport and Highways in the national capital. Tesla officials met top officials in the Ministry of Road Transport and Highways to discuss their India business plans.
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