India to draft new EV investment policy, says commerce minister

Robert Besser
17 Sep 2023, 07:32 GMT+10

This week, Piyush Goyal, India's commerce minister, said the government will draft a new policy to attract EV manufacturers and encourage more investment in the sector
Goyal's comments came amid ongoing talks between U.S. EV maker Tesla and the government of Prime Minister Narendra Modi on the potential construction of a factory in India
In August, Reuters reported that India was drafting an EV policy that will cut import taxes for automakers committed to some local production

NEW DELHI, India: This week, Piyush Goyal, India's commerce minister, said the government will draft a new policy to attract electric vehicle (EV) manufacturers and encourage more investment in the sector.

Goyal's comments came amid ongoing talks between U.S. EV maker Tesla and the government of Prime Minister Narendra Modi on the potential construction of a factory in India.

In August, Reuters reported that India was drafting an EV policy that will cut import taxes for automakers committed to some local production.

Goyal explained that consultations on the new policy will be held with the industry, and the government wants to attract more investment and increase domestic EV production as soon as possible.

"We will come out with a policy. As we get large-scale production, we will start enjoying the fruits of economies of scale of new technologies," he said.

Tesla's senior executives met Goyal in India in August.

Tesla plans to produce a low-cost EV priced at US$24,000, some 25 percent cheaper than its existing entry-level model, for both the Indian market and exports.

Goyal said that having bought $1 billion of components from India last year, Tesla aims to source components worth between $1.7 billion and $1.9 billion this year.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Las Vegas Herald.

More Information

89 ℉

Fair in Las Vegas

International

Section

Fifty world leaders call on UN to bring about peace in Ukraine

As it did last year, the 2023 United Nations General Assembly has been debating what role the United Nations and ...

Criminal from Louisiana caught in Mexico after 32 years

BATON ROUGE, Louisiana: Authorities said that Greg Lawson, who fled his 1991 trial in Louisiana for attempted murder 32 years ...

Trudeau promises to continue support to Ukraine

OTTAWA, Canada: During a joint news conference with Ukrainian President Volodymyr Zelenskyy in Canada's capital, Ottawa, Prime Minister Justin Trudeau ...