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 Asia Pacific Star.

More Information

30 ℃

Showers in the Vicinity in Seletar

Asia

Section

Senate Committee to grill Attorney General on hurdles in IP gas pipeline project

ISLAMABAD, Pakistan - According to a high-ranking government official who briefed a parliamentary panel on Wednesday, although Pakistan has accelerated ...

Nepali health workers strike demanding protection against attacks, vandalism

KATHMANDU, Nepal - On Thursday, the National Human Rights Commission expressed its grave concern over attacks and mistreatment of medical ...

S. Korea sends signal to north with large military parade

SEOUL, South Korea: Marking a tougher stand against North Korea, South Korea held its first large-scale military parade in over ...

US plans hotline with China to prevent crisis in space

WASHINGTON D.C.: In an interview with Reuters this week, U.S. commander General Chance Saltzman said the United States Space Force ...

Famous Uyghur scholar gets life sentence from court in China

BEIJING, China: A respected Uyghur scholar, known for her extensive work in studying Uyghur folklore and traditions, has been sentenced ...

Coal mine fire in Guizhou province, China, kills 16 people

BEIJING, China: Local authorities said a fire at the Shanjiaoshu coal mine in Guizhou province, southern China, killed 16 people ...

Business

Section