MAKE TESLA IN INDIA FIRST BEFORE REDUCING IMPORT DUTIES, THE GOVERNMENT TELLS ELON MUSK

ABOUT TESLA:

Tesla, Inc., a California-based electric vehicle and clean energy company founded in California in 2003. Tesla designs and manufactures electric cars, batteries for home and grid storage. Along with solar panels and solar roof tiles, as well as related products and services.

Further, Tesla had the most sales of battery electric vehicles and plug-in electric vehicles in 2020, capturing 16% of the plug-in market (which includes plug-in hybrids) and 23% of the battery-electric (purely electric) market. Founded by Martin Eberhard and Marc Tarpenning as Tesla Motors. The company’s name is a tribute to inventor and electrical engineer Nikola Tesla.                                                   

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In February 2004, Elon Musk, the co-founder of X.com, invested US$6.5 million into the company. Thus, becoming its majority shareholder and chairman. While, in 2009, Tesla introduced the Roadster, the company’s first vehicle. In 2012, Tesla introduced the Model S sedan, in 2015 it introduced the Tesla Model X SUV. Furthermore, in 2017 it introduced the Model 3 sedan, and in 2020 it introduced the Tesla Model Y crossover. 

Tesla Model 3 has sold more than one million electric cars worldwide.In June 2021 became the first electric car with 1 million units sold. A 35.8% increase in Tesla’s global vehicle sales in 2020 made that year’s total 499,550 units.

TESLA IN INDIA:

Government sources told PTI that giving tax concessions to Tesla would not send a good signal to other automakers that comply with the import tax rate the Indian government has imposed. In a related development, government officials reported to be considering giving Tesla a reprieve by lowering the import tax. India currently imposes a 100% import duty on fully imported cars with CIF (cost, insurance and freight) values exceeding $40,000 and a 60% duty on those whose CIF values fall below that level. 

As reported by Reuters, the government had considered reducing the tax rate on imported electric vehicles with a value (CIF) below $40,000 to 40% from 60% until last month. According to the government, import duty rates on electric vehicles over $40,000 could be reduced from 100% to 60%. Musk replied to a Youtuber in India who asked when Tesla was going to launch its cars in India. He said, “We would like to do so, but the import duties are the highest in the world.”

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