Tesla to scout sites in India for US$2 billion-US$3 billion EV factory

$Tesla(TSLA.US)$ $BYD COMPANY(01211.HK)$ $NIO Inc(NIO.US)$ $XPeng(XPEV.US)$ The article reported that Tesla will send a team from the United States to India by late-April to study sites for a proposed US$2 billion to US$3 billion electric car plant, the Financial Times reported on Wednesday (Apr 3), citing people familiar with the matter. The company’s reported push into India comes at a time when electric vehicle (EV) demand is slowing in its main markets of the US and China. The EV maker will focus on Indian states that have automotive hubs such as Maharashtra, Gujarat and Tamil Nadu, the report said.

Comment: Many may have forgotten that India last month lowered import taxes on certain EVs produced by automakers that commit to invest at least US$500 million and start domestic manufacturing within three years. If that happens, Tesla will be able to import lower taxed China-made EV to India.
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