*With Tesla knocking at door, BHARAT plans new EV Policy; Tesla to source US$1.9 billion worth of auto parts from BHARAT in 2023*
https://www.google.com/amp/s/auto.hindustantimes.com/auto/electric-vehicles/india-plans-new-ev-policy-amid-talks-of-teslas-entry/amp-41694661124585.html
*There is an increased interest by Tesla to leverage BHARAT as a base not only for sourcing but use it as a manufacturing base for exports post Prime Minister Narendra Modi’s visit to North America in June.*
◆ Modi govt rejects Chinese EV maker BYD's $1b mfg plant proposal in BHARAT.
◆ Chinese Automaker BYD Faces Probe For Underpaying Tax In BHARAT
◆ BHARAT beats Japan to become world's third-largest vehicle market
◆ Russian President Vladimir Putin praises PM Modi's ‘Make in India’ in automobiles: ‘Doing the right thing’
◆ Taiwanese company Foxconn aims to make BHARAT its third EV hub, eyes 5% global market share by 2025
*The Government of BHARAT was exploring the possibility of reducing the import duty of EVs following the proposal by the US car maker to locally manufacture in BHARAT.*
■ US car maker Tesla is planning to source US$1.9 billion worth of auto components as part of its global sourcing plan. This is 90% higher than the US $1 billion sourcing that the US EV specialist procured from BHARAT.
■ The government would like to see more investments and a larger production output in BHARAT of electric vehicles “as soon as possible” in the near future.
■ The delta between ICE and electric is further expected to get squeezed as EVs become a “compulsive investment space.” And the government is actively looking at key investors who can participate in this space.
■ The policy being considered may allow automakers to import fully-built EVs at a lower rate of 15%, versus 100% at present for cars priced over US$40,000 and 70% for the rest.
■ The MODI government dismissed the plan from BYD and Hyderabad-based Megha Engineering and Infrastructures Ltd. on national security concerns.
*China's largest electric vehicle (EV) maker BYD faces an ongoing probe over allegations in BHARAT that the automaker paid too little tax on imported parts for cars it assembles and sells in the country.*
By: via Telegram.me/AlliesFin #StockMarket #india
