Brief by Shorts91 Newsdesk / 12:15pm on 24 Nov 2023,Friday Business
In a bid to establish its footprint in India, Tesla is reportedly considering a substantial $2 billion investment for a manufacturing facility, contingent on a 15% concessional duty on imported vehicles during its initial two years in the country. The proposal outlines a potential $500 million investment if the concessional duty covers 12,000 vehicles, escalating to $2 billion if extended to 30,000 vehicles. Additionally, Tesla may commit to 20% localization in its Made-in-India cars within the first two years, potentially increasing to 40% over four years. The announcement is anticipated at the Vibrant Gujarat Global Summit in January.
