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In a significant development for India's electric vehicle (EV) industry, Tesla has intensified its efforts to bolster its presence in the Indian market and is actively scouting for a suitable location to set up a state-of-the-art manufacturing plant.
As per the sources, the state governments of Maharashtra and Gujarat have extended lucrative land offers to Tesla Inc. for the establishment of an electric vehicle (EV) manufacturing plant, signaling a major stride in India's electric mobility landscape. The proposed plant, with an estimated investment ranging from USD 2 billion to USD 3 billion, aims to cater to both domestic and international demand for Tesla's electric vehicles. The move comes in the wake of India's new EV policy, aimed at promoting sustainable transportation and reducing carbon emissions. The Indian government's scheme to promote the manufacturing of electric vehicles (EVs) aligns closely with Tesla's initiatives in India, as the global EV manufacturer explores opportunities to establish a robust manufacturing presence in the country. Under the government's EV scheme, which aims to position India as a preferred manufacturing destination for EVs equipped with cutting-edge technology, several key objectives are outlined. These include attracting investments from reputable global EV manufacturers, fostering the adoption of advanced EV technology among Indian consumers, and bolstering the country's Make in India initiative. By setting a minimum investment threshold of Rs 4150 crore (approximately USD 500 million) and encouraging manufacturers to achieve significant levels of domestic value addition (DVA), the government mandates that by the third year of setting up the manufacturing unit, at least 25 per cent of the parts used to make the vehicles should be sourced from within India. This localization level is expected to increase to 50 per cent by the fifth year of operation. For vehicles valued at USD 35,000 or more, a 15 per cent customs duty will be imposed for five years if the manufacturer builds manufacturing facilities in India within three years. The total number of EVs allowed for import will be limited based on the investment made or Rs 6484 crore, whichever is lower. If the investment exceeds USD 800 million, a maximum of 40,000 EVs can be imported, with no more than 8,000 per year. Unused import limits can be carried over to future years. As part of its investment plans, Tesla intends to send a team of experts to scout for suitable locations across India for the proposed manufacturing facility. The company is actively seeking the ideal site to set up its electric car plant, with a keen focus on factors such as infrastructure, logistics, and accessibility. Tesla has commenced production of right-hand drive models at its Berlin factory in Germany. These vehicles are earmarked for export to India, with plans to introduce them into the market in the second half of this year. This initiative underscores Tesla's proactive approach to meeting the burgeoning demand for electric vehicles in India. In a significant step towards establishing a strong foothold in India, Tesla India Motor and Energy Pvt Ltd has leased a sizable office space in Pune. The 5,850 square feet facility, located at Panchshil Business Park, marks Tesla's first real office setup in the country. This move highlights Tesla's commitment to expanding its operations and enhancing its presence in India's business landscape. Tesla's substantial investments in India are poised to catalyze growth and innovation in the EV sector, propelling the country towards a sustainable and greener future. With its cutting-edge technology and pioneering electric vehicles, Tesla aims to revolutionize the automotive industry in India and accelerate the adoption of clean energy solutions. Tesla's entry into the Indian market holds immense promise for the country's economy and environment. The establishment of a manufacturing plant and increased procurement of auto parts from India will create jobs, foster economic growth, and bolster the domestic manufacturing ecosystem. Moreover, Tesla's emphasis on clean energy vehicles aligns with India's goals of reducing carbon emissions and combating climate change. (ANI)
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