Skoda, Mercedes, Kia, Hyundai keen to manufacture EVs in India: Kumaraswamy
Europe's Mercedes Benz, and Skoda-Volkswagen (VW), and South Korea's Hyundai and Kia, have shown interest to manufacture electric vehicles (EVs) in India, Union Heavy Industries Minister H D Kumaraswamy said Monday. Addressing journalists, he said application window for the Scheme to Promote Manufacturing of Electric Passenger Cars in India (SPMEPCI) will soon open, after which formal requests will be received. Responding to queries on Tesla's India plans, Kumaraswamy said the US-headquartered EV maker has not shown any interest to make in India.'Tesla only wants to open showrooms and sell imported cars,' he said.
Also read: India to open flagship EV making policy to lure global giants
Announcing the SPMEPCI guidelines, the minister said this aligns with India's emission reduction goals.
'The benefit is available only if the company agrees to invest and manufacture EVs on India,' he said the beneficiaries will need to start domestic production between three years.'This will enhance India's status as a global EV manufacturing hub…applications window for seeking sops to open shortly,' he said.Two officials aware of the developments said Skoda-Volkswagen (VW), and Mercedes Benz may shortly announce investment plans. The car makers are expected to seek sops under SPMEPCI.
Also read: Tesla not interested in manufacturing in India, minister says
This scheme is aimed at encouraging fresh investments from global manufacturers in EV passenger cars segment. To encourage the global manufacturers to invest under the scheme, approved applicants will be allowed to import Completely Built-in Units (CBUs) of electric four wheelers with a minimum import value of $ 35,000 at reduced customs duty of 15% for five years.
Under the scheme guidelines, approved applicants would be required to make minimum investment of Rs. 4,150 crore in line with the provisions of the scheme. The maximum number of cars allowed to be imported at the reduced duty rate shall be capped at 8,000 units per year.
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17 minutes ago
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Trump-Musk feud slams stocks
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Previously, she was the BBC's lead Asia presenter and worked for the BBC across Asia and South Asia for two decades. This article was generated from an automated news agency feed without modifications to text.
Deccan Herald
20 minutes ago
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BOOT model approved for tunnel road project
Law and Parliamentary Affairs Minister H K Patil said, 'The Cabinet provided administrative approval to the North-South corridor being planned from Hebbal to HSR Layout Silk Board Junction in two packages at a cost of Rs 17,780 crore.'
