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Tesla's Musk says 'working through challenges' with India government

By Aditi Shah NEW DELHI (Reuters) - Tesla (NASDAQ:TSLA) Inc is "still working through a lot of challenges with the government" in India, its billionaire chief executive Elon Musk...
Tesla's Musk says 'working through challenges' with India government © Reuters. FILE PHOTO: The logo of car manufacturer Tesla is seen at a dealership in London, Britain, May 14, 2021. REUTERS/Matthew Childs/File Photo

By Aditi Shah

NEW DELHI (Reuters) - Tesla (NASDAQ:TSLA) Inc is "still working through a lot of challenges with the government" in India, its billionaire chief executive Elon Musk said on Twitter (NYSE:TWTR) on Thursday, responding to a question on when it would launch its electric cars in the country.

Tesla had plans to begin selling imported cars in India last year and has been lobbying the government to slash import taxes on electric vehicles (EVs) before it enters the market. In October, it took its demands to Indian Prime Minister Narendra Modi's office https://reut.rs/3GomP9N.

Musk didn't identify the "challenges" being worked on in his Twitter post.

The Indian market for premium EVs is still in its infancy and charging infrastructure is scarce. Just 5,000 of the 2.4 million cars sold in India last year were electric, of which a handful were luxury models.

India levies an import duty of as high as 100% on imported cars, including EVs, which Musk has previously said are among the highest in the world. Analysts have said that at these rates Tesla cars would become too costly for many buyers, crimping sales.

Tesla's demands for tax cuts - first reported by Reuters in July https://reut.rs/3K7PJgr - have prompted objections from several local players, who say such a move would deter investment in domestic manufacturing.

Indian government officials are also divided over the U.S. automaker's demands. Some officials want the company to commit to local manufacturing before considering any tax breaks, but Tesla has indicated it first wants to experiment with imports.

Even as Tesla is holding out for a cut in import duties, luxury carmaker Mercedes-Benz will start assembling https://reut.rs/3HY8ykl the electric version of its flagship S-Class sedan, the EQS, in India later this year.

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28-01-2022 19:36:31 (UTC+7)

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    EUR/USD 1.1150 ↑ Sell  
    GBP/USD 1.3408 ↑ Buy  
    USD/JPY 115.22 Neutral  
    AUD/USD 0.6990 Sell  
    USD/CAD 1.2764 Sell  
    EUR/JPY 128.46 Sell  
    EUR/CHF 1.0381 ↑ Sell  
    Gold 1,790.10 Buy  
    Silver 22.485 ↑ Buy  
    Copper 4.3297 ↑ Sell  
    Crude Oil WTI 87.31 Buy  
    Brent Oil 89.00 Buy  
    Natural Gas 4.667 ↑ Sell  
    US Coffee C 235.85 ↑ Sell  
    Euro Stoxx 50 4,136.91 ↑ Buy  
    S&P 500 4,431.85 ↑ Buy  
    DAX 15,318.95 Buy  
    FTSE 100 7,466.07 Neutral  
    Hang Seng 23,550.08 ↑ Buy  
    Small Cap 2000 1,955.70 ↑ Buy  
    IBEX 35 8,609.80 ↑ Buy  
    BASF 68.510 ↑ Buy  
    Bayer 52.83 ↑ Buy  
    Allianz 227.80 ↑ Buy  
    Adidas 236.15 ↑ Buy  
    Lufthansa 6.791 ↑ Buy  
    Siemens AG 138.34 ↑ Buy  
    Deutsche Bank AG 11.912 ↑ Buy  
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,170/ 6,230
(0/ 0) # 1,327
SJC HCM6,180/ 6,250
(0/ 0) # 1,344
SJC Hanoi6,180/ 6,252
(0/ 0) # 1,346
SJC Danang6,180/ 6,252
(0/ 0) # 1,346
SJC Nhatrang6,180/ 6,252
(0/ 0) # 1,346
SJC Cantho6,180/ 6,252
(0/ 0) # 1,346
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KRW16,1119,77
Cập nhật lúc 07:32:22 29/01/2022
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