Govt Enforces ‘Melt and Pour’ Rule for All Steel in Public Projects Nippon Steel expected to finalize U.S. Steel acquisition at $55 per share NMDC Limited reports a 38% drop in Q4 FY24 consolidated net profit RINL to Raise $23 Million Through Land Sales Amid Crisis
After the general elections, decisions will be made over the future of the massive American electric vehicle (EV) firm Tesla, mainly with regard to any structure of concessional import duties or "favourable conditions." The corporation plans to introduce completely constructed units (CBUs) to start operations in India.
Even luxury car-makers like Audi and Mercedes-Benz have said that Tesla coming into India is a welcome step, but should be on a level-playing field, though Tesla’s models, which are routed for India, would not be a major threat to them.
Currently, the government charges import duty of 70% on CBU cars whose value is less than $40,000 (around ₹32 lakh) and 100% on CBU cars whose value is more than $40,000. And, Tesla is likely to bring in cars, which are low costs ranging between ₹25 lakh and ₹35 lakh, as per industry veterans.
Elon Musk, CEO of Tesla, in January had said that the “next-generation” entry level of compact EV could come at $25,000 to compete with the growing Chinese EV makers. But Musk also added that such vehicles could come by 2025 only and did not mention in which markets. Currently Tesla sells a base Model 3 (sedan) for around $39,000 in the US market.
“It will grow the industry and of course this brings in more competition and competition is always good for the customer, as they will be able to fetch the benefits. In terms of benefits to Tesla (from the government), level-playing field is all we expect. All should have the possibility to grow and I am sure the government will be mindful of this,” Balbir Singh Dhillon, Head, Audi India, had recently told.
“We welcome any new entrant to the market because it drives market growth, adoption of EVs because this player is particularly in EV space...as far as government is concerned, in our discussion with the government, they have assured us that if at all there is any change in the policy, they will take care of the current investments and current players in the Indian car market, which I think is reasonable enough,” Santosh Iyer, Managing Director and Chief Executive Officer, Mercedes-Benz India, had said.
Also Read : SJVN share gains after arm commissions 100 MW solar power project at Gujarat Coal India reported 26% rise in Q4 earnings due to higher supplies
Indian government-run steel producer Rashtriya Ispat Nigam Ltd is looking for global suppliers for 6...
Mid Corporate 23-May-2024
National Aluminium Company (NALCO) signed a Mining Lease deed with the State Government of Odisha fo...
Notification 14-Jun-2024
The Brazilian mining industry is poised for substantial growth, with the country's Institute IBRAM f...
Latin America 05-Feb-2024
India’s steel stocks rose on Tuesday after reports emerged that the government is considering...
Business 19-Mar-2025
Kalyani Steels' stock rose 5.63% to ₹682 following a 67.19% increase in consolidated net profit to ₹...
Large Corporate 05-Feb-2024
The Southern Railway Construction Organisation will soon take up the ‘final location survey&rs...
Construction 11-Jan-2024