India is working on a new electric vehicle policy that would slash import taxes for automakers that commit to some local manufacturing, following a proposal by Tesla which is considering entering the domestic market, people with direct knowledge said.
Proposes duty tax cut for EV makers who commit to invest-sourcesTesla has expressed interest in India plant, cheaper EV
If such a policy is adopted, it could amount to a drastic reduction in the cost of imported EVs that local carmakers have been keen to avoid. It could also open the door for global automakers, beyond Tesla, to tap the world's third-largest car market where sales of EVs are less than 2% of total car sales, but growing rapidly.
India's commerce and finance ministries, and Tesla, did not respond to requests for comment. The policy is still in the initial stages of deliberation and the final tax rate could change, two of the sources said.
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