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The government's reduction in the import duty on electric vehicles has put the onus on Tesla Inc. to outline its investment intentions for India, according to the industry secretary.
Last month, the industry department announced a comprehensive policy to increase EV manufacturing in the world's most populous country. According to Rajesh Kumar Singh, secretary of the Department for Development of Industry and Internal Commerce, Elon Musk's automaker would now have to "make the announcements of their manufacturing plans" after that move.
“We will help them out by giving them the contacts at the state level,” Singh said. “Contacts have been made at that level with state governments and the central government. VinFast has already announced, and we expect a few others.”
The Financial Times reported earlier this week, citing people familiar with the matter that it didn’t identify, that Tesla is planning to send a team to scout locations in India this month for a proposed $2 billion to $3 billion electric car plant. Bloomberg reported in November that Tesla would also look to increase purchases of auto parts from the nation to as much as $15 billion.
India's government said in March that companies will have to invest at least ₹41.5 billion and start producing EVs from a local plant within three years to get tax concessions.
Singh said on Thursday that the policy should help spur the growth of EVs in the country. “We expect it to lead to a penetration of four-wheeler electric vehicles to at least 10% by 2030,” he said. “My view is that if we have these manufacturing units up and running, along with the battery infrastructure that is now going up, it should be closer to 15% by 2030, after which it will just snowball.”
According to Bloomberg NEF estimates, some 96,000 passenger EVs were sold in India in 2023, nearly double a year earlier, and that could climb by another 40% in 2024.
India’s electric passenger vehicle market, however, has been largely driven by electric scooters, which are much cheaper. India also doesn’t have very good EV charging infrastructure, and the EVs are expensive.
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