Elon Musk’s plans to invest up to $2 billion in India’s plant

Here we are sharing a piece of big news with you Elon Musk’s Tesla Inc. is ready to set up a factory of posh electric cars in India only if the government supports a concessional responsibility of 15% on imported vehicles in the first two years of procedures in India. Since the news has come on the internet and it spread on many social media platforms. This news has left many questions in people’s minds and now people are super excited to know about the whole information about the news. In this article, we will give complete information about the news, so let’s continue the article.

Elon Musk

As per the report, Tesla is an automotive firm that has approached the Government of India concerning the investment the firm has been planning to make and the number of cars it may import at lower duty. Tesla Inc. has offered to invest up to $500 million if the government expands the concessional tax for 12,000 vehicles. The firm might allegedly grow its investment up to $2 billion in India’s plant if the importance duty is decreased for 30,000 vehicles. Swipe up next page for more information about the news.

Now, the suggestion has been considered by the Department for the Promotion of Industry and Internal Trade (DPIIT, the Ministry of Heavy Industries (MHI), Highways (MoRTH), the Ministry of Road Transport, and the Ministry of Finance under the direction of Prime Minister’s Office (PMO). Currently, this news has been making headlines on the internet. Lots of people are searching the news as they want to know the complete information about it. You are on the right page for more information about the news, so please read the complete article till the end.

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As far as we know, the Centre has been pondering limiting the concessional taxes up to 10 percent of the total electric vehicles projected to be sold in India in FY2023 (that is 10,000) which may be grown by 20% for the second year. Last year, 50,000 EVs were in the country and the number may go up to 1 lakh in the current fiscal year. The US electric incarcerator has been designing to start its operations in India with these three models Model Y ($44,000), Model 3 ($39,000 and a new hatchback ($25,000) in the US. CEO of Tesla said in June that Tesla plans to make a ‚Äúsubstantial investment” in India and he intends to visit in 2024. Stay tuned to us for more updates.

Gurleen Kaur

I'm a science graduate from the Ahmadu Bello University, Nigeria. My passion for writing has brought me to into the field of content.