85% Reduction! India adjusts import tariffs on electric vehicles!
Recently, after long negotiations, the Indian government finally agreed to cut import duties on electric vehicles for multinational companies setting up factories in India.
It is understood that India will significantly cut tariffs on imported electric vehicles, some models from 100% to 15%. At the same time, companies that have committed to invest more than $800 million will have a total import quota of 40,000 electric vehicles, 8,000 vehicles per year.
"We are inviting global companies to come and set up factories in India and I am confident that India will become a global manufacturing hub for electric vehicles, which will create a lot of jobs and will improve international trade," said Piyush Goyal, India's minister of Commerce and Industry.
India's electric vehicle market is small, but it is growing with local carmaker Tata Motors' electric vehicle business. Electric vehicles will account for about 2 percent of total car sales in India in 2023, and the government wants to increase that to 30 percent by 2030.
