The new EV policy, which offers import duty rebates to businesses establishing manufacturing units in the nation with a $500 million minimum investment, was approved by the Narendra Modi-led government last month.
Tata Motors to plan to import its luxury electric vehicles, Jaguar Land Rover (JLR). According to a government source who spoke with Reuters on Thursday, Tata intends to import Jaguar Land Rover electric vehicles under the new regulation. The new electric vehicle policy, which offers import duty breaks to businesses establishing manufacturing facilities in the nation with a $500 million minimum investment, was approved by the government led by Narendra Modi last month.
For five years from the date the government issues the approval letter, companies that establish manufacturing facilities for electric vehicle passenger cars will be permitted to import a restricted quantity of automobiles at a reduced customs/import duty of 15% on vehicles costing USD 35,000 and above. Currently, customs duties on cars imported as fully assembled units range from 70 to 100%, depending on the engine size and cost, insurance, and freight value of USD 40,000 or more. A government official told Reuters that a group from the government met with members of the auto industry on Thursday to start putting the finishing touches on the policy’s structure.
Hyundai Motor Co., Vinfast, Volkswagen, BMW, Mercedes, Maruti Suzuki, Mahindra & Mahindra, Toyota Motor Co., and other companies were present at the meeting. There was also a representative from Tesla. Tata would be the first Indian automaker to choose the new EV policy, which is intended to promote the usage of EVs, if it chooses to implement it. In addition to finalizing plans to import JLR EVs from the UK, Tata is getting ready to start manufacturing JLR cars at a new $1 billion plant in Tamil Nadu.
Elon Musk, the CEO of Tesla, is reportedly about to announce a $2–$3 billion investment in India, the main purpose of which is to build a new plant.
TATA: Changing Our Approach
Tata previously pushed the government to keep import levies higher in order to safeguard the domestic auto industry, which may explain this possible change in strategy. But it seems like a reexamination has been spurred by the new policy.
Increased Industry Participation
To finalize the framework for implementing the new EV policy, the Indian government is actively collaborating with a number of automakers. Following a recent discussion, the government reaffirmed its commitment to developing a thriving ecosystem for electric vehicles in India with representatives from Hyundai, Vinfast, Volkswagen, BMW, Mercedes, Maruti Suzuki, Mahindra & Mahindra, Toyota, and Tesla.
With sales of electric vehicles making up just 2% of the Indian market at the moment, the government has set a lofty goal of 30% by 2030. India’s automotive industry may undergo a radical transformation as a result of the new policy and rising customer interest in electric vehicles, positioning the nation as a key participant in the global EV market.
People Also Search For
What is the relationship between Tata and JLR?
Since 2008, Jaguar Land Rover has become a fully-owned division of Tata Motors, the company’s major stakeholder, Tata Sons.
What is the Tata deal with JLR?
According to two people with firsthand knowledge of the situation, Tata Motors intends to construct a $1 billion plant in the southern state of Tamil Nadu, where it will produce premium vehicles for Jaguar Land Rover (JLR). According to the plan, JLR-branded vehicles would be produced in India for the first time ever from scratch.
Why has JLR prospered under the ownership of Tata Motors?
Invest in growth: By supporting JLR’s expansion and development, Tata Motors enabled the business to set sales and profit records. By making growth-oriented investments, they not only contributed to the company’s success but also became a dominant force in the worldwide automotive sector.
Also, visit…
WhatsApp New Updates: See What It Is
Oneplus Nord CE 3 5G Had a Huge Price Reduction in India after the debut of the Nord CE 4 5G.
In the Maldives Election, the Pro-China Party is Expected to Win Handily
Launched: Vivo Y200i with 50-Megapixel Rear Camera: Cost, Features
Brother-in-Law of Pankaj Tripathi Dies in a Car Accident While Sister is Injured.