India plans to expand electric vehicle incentives for automakers at existing factories

From Investing.com: 2024-11-29 03:00:42

India plans to expand electric vehicle incentives to automakers building models at existing factories, not just new plants. The policy aims to attract investments from companies like Toyota and Hyundai. Under the policy, automakers investing at least $500 million in EV manufacturing with local components will receive import tax cuts. The government will set minimum EV revenue targets for plants to qualify. Toyota and Hyundai seek clarification on investment requirements. Volkswagen’s India unit wants flexibility in investment timeframe under the EV policy.



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