Commerce and Industry Minister Piyush Goyal visited Tesla main electric car factory in the US and said the world’s largest electric car maker will double its imports from India.
The visit comes in the context of India’s plan to grant Tesla preferential tariffs to establish a factory in the country. “Visited @Tesla’s cutting-edge manufacturing facility in Fremont, California. “I am extremely pleased to see India’s talented engineers and financial experts taking up leadership positions and contributing to Tesla’s incredible mobility transformation journey,” the minister posted on X (Twitter), a platform The social network is also owned by Tesla founder Elon Musk.
The minister said that the demand for electric vehicles will increase and imports from India will facilitate the growth of this industry. The government previously said it was not considering offering a separate incentive for Tesla, and that the company could adopt measures under the existing production-linked incentive (PLI) regime for cars and advanced battery chemistry. Elon Musk met Prime Minister Narendra Modi in June in New York and said he planned to visit India in 2024.
In August 2021, Musk said that Tesla could establish a manufacturing unit in India if it successfully imports its cars into the country. India imposes a 100% import tax on CBU cars imported with a CIF (Cost, Insurance and Freight) value of more than US$40,000 and 70% on cars priced below this amount.
Four-day tour of America
Mr. Goyal is in the United States on a four-day visit beginning November 13, to attend the third meeting of the Indo-Pacific Economic Framework (IPEF) and its commitments to Asia-Pacific Economic Cooperation.
He met with US Trade Representative Katherine Tai to discuss strengthening trade relations. Exports to the United States fell to $38.28 billion in the April-September 2023 period, from $41.49 billion a year earlier. Imports also decreased to $21.39 billion in the first six months of the current fiscal year from $25.79 billion in the same period of the last fiscal year. Mr. Goyal also met with his Korean and Singaporean counterparts.
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