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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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18-01-2022 11:41:00 (UTC+7)

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    EUR/USD 1.1330 Neutral  
    GBP/USD 1.3579 ↑ Sell  
    USD/JPY 114.64 ↑ Buy  
    AUD/USD 0.7182 ↑ Sell  
    USD/CAD 1.2538 Buy  
    EUR/JPY 129.89 Neutral  
    EUR/CHF 1.0392 Neutral  
    Gold 1,812.65 Neutral  
    Silver 23.477 Sell  
    Copper 4.4015 Sell  
    Crude Oil WTI 84.22 ↑ Sell  
    Brent Oil 86.88 ↑ Sell  
    Natural Gas 4.323 ↑ Sell  
    US Coffee C 239.10 ↑ Sell  
    Euro Stoxx 50 4,257.65 ↑ Sell  
    S&P 500 4,593.80 Buy  
    DAX 15,773.09 ↑ Sell  
    FTSE 100 7,566.20 ↑ Sell  
    Hang Seng 24,112.78 ↑ Buy  
    Small Cap 2000 2,113.85 ↑ Buy  
    IBEX 35 8,780.74 ↑ Sell  
    BASF 67.935 ↑ Sell  
    Bayer 52.06 Neutral  
    Allianz 225.90 ↑ Sell  
    Adidas 255.00 ↑ Sell  
    Lufthansa 7.135 ↑ Sell  
    Siemens AG 142.64 ↑ Sell  
    Deutsche Bank AG 11.960 ↑ Buy  
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,115/ 6,155
(-5/ -5) # 1,167
SJC HCM6,110/ 6,170
(0/ 0) # 1,183
SJC Hanoi6,110/ 6,172
(0/ 0) # 1,185
SJC Danang6,110/ 6,172
(0/ 0) # 1,185
SJC Nhatrang6,110/ 6,172
(0/ 0) # 1,185
SJC Cantho6,110/ 6,172
(0/ 0) # 1,185
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Cập nhật lúc 18:54:36 18/01/2022
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