{"id":30309,"date":"2024-04-19T09:31:23","date_gmt":"2024-04-19T09:31:23","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/04\/19\/elon-musk-led-teslas-advisor-vinfast-representatives-attend-indias-first-consultative-meeting-on-new-ev-policy-times-of-india\/"},"modified":"2024-04-19T09:31:23","modified_gmt":"2024-04-19T09:31:23","slug":"elon-musk-led-teslas-advisor-vinfast-representatives-attend-indias-first-consultative-meeting-on-new-ev-policy-times-of-india","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/04\/19\/elon-musk-led-teslas-advisor-vinfast-representatives-attend-indias-first-consultative-meeting-on-new-ev-policy-times-of-india\/","title":{"rendered":"Elon Musk-led Tesla\u2019s advisor, VinFAST representatives attend India\u2019s first consultative meeting on new EV policy – Times of India"},"content":{"rendered":"
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Tesla<\/a>, VinFAST\u2019s interest in Indian EV market: A diverse group of international and domestic companies took part in the first consultation session regarding India’s new Electric Vehicle (EV) policy, which is aimed at high-end vehicles. Tesla, represented by its advisor, The Asia Group (TAG) India, was present at the meeting, as confirmed to ET by officials familiar with the event.VinFAST, a Vietnamese company currently establishing an EV manufacturing facility in Tamil Nadu, participated via video conference.
According to several attendees, the TAG India representative remained silent during the meeting, stating that he was present solely as “an observer.” This consultation takes place just days before Elon Musk<\/a>, the CEO of Tesla, is scheduled to visit India. TAG is a strategy and business advisory group based in Washington.
The meeting also included representatives from Indian automotive manufacturers such as Tata Motors, Maruti Suzuki, and Mahindra & Mahindra, as well as global giants like Hyundai, BMW, Kia, Volkswagen, Mercedes, Toyota, and Renault-Nissan.<\/p>\n
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Hanif Qureshi, Additional Secretary of the Ministry of Heavy Industries (MHI), stated, “The first stakeholder consultation took place before guidelines of the EV policy are issued. Questions from automobile Original Equipment Manufacturers (OEMs) were answered during the session.” He further mentioned that officials from the Department of Revenue were present to clarify the concessional duty notification, which enables the policy’s incentives.
International companies with limited local manufacturing presence in India were exploring ways to benefit from this new scheme. Meanwhile, companies like Tata Motors, Kia, and Hyundai, which have a significant presence both locally and internationally, were evaluating potential opportunities for themselves under the new program.
In March 2024, India introduced concessional import tariffs for global EV manufacturers. To be eligible for the customs duty relaxation, companies must invest a minimum of $500 million in India’s EV ecosystem over the next five years. This investment can be made by setting up new manufacturing facilities or deploying EV charging stations.
Also Read | Elon Musk to meet PM Modi on India visit, set to unveil EV plan<\/a>
An official who attended the meeting stated, “Companies with manufacturing presence just in India attended the consultations but said they would not be participating in this import incentive scheme.” Some foreign players wanted to leverage their existing investments in India to meet the criteria for availing the concessional import duties. However, MHI officials clarified that only fresh investments would be eligible for the incentives.
To protect the interests of Indian car manufacturers, the scheme does not incentivize the import of EVs priced below $35,000. The scheme also aims to encourage the import of more technologically advanced long-range EVs, with the hope of establishing their manufacturing facilities in the country.<\/div>\n