Govt launches scheme for imported EVs
NEW DELHI: Govt on Tuesday opened the window for auto companies to sell imported EVs by paying lower duty in return for promising to invest in the country. While Tesla has opted to stay out, doors have been shut for Chinese companies, such as BYD.
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Heavy industries and steel minister H D Kumaraswamy said four-five companies have shown interest, while Tesla will sell its cars through its showrooms after importing them at full duty. The application window will remain open till early Oct.
Heavy industries secretary Kamran Rizvi said OEMs applying under the scheme and availing of lower import duty will have to roll out a car with at least 25% domestic value addition within three years and increase it to 50% within five years.
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Business Standard
19 minutes ago
- Business Standard
Xi Jinping to skip Brics Summit in Rio, Li Qiang to lead Chinese delegation
Chinese President Xi Jinping will not be attending the upcoming Brics summit in Rio de Janeiro, marking the first time he will miss the annual gathering of major emerging economies, the South China Morning Post reported. Premier Li Qiang is set to represent China at the summit, continuing the precedent from the 2023 G20 summit in India, where he also led the Chinese delegation in place of Xi. Premier Li is expected to arrive in Brazil late next week and remain in Rio de Janeiro for the duration of the summit, which will be held on July 6 and 7. Beijing has informed the Brazilian government that Xi's absence is due to a scheduling conflict, the news report said. Chinese sources involved in the summit's preparations pointed out that Xi had already met Brazilian President Luiz Inácio Lula da Silva twice within the past year — once during a state visit to Brasília in November 2023, and again in May during the China-Celac forum in Beijing, the news report said. A rare miss from China's president Xi has consistently participated in Brics summits since becoming China's top leader. Even during the Covid-19 pandemic, he joined virtually — first in 2020 when Russia hosted, and again in 2021 when China held the summit. In 2023, although Xi was expected to speak at the Brics summit in South Africa, he sent Commerce Minister Wang Wentao at the last minute. No explanation was given at the time. Brazil's foreign ministry declined to comment on 'internal deliberations of foreign delegations' when asked about the matter. However, Guo Jiakun, spokesperson for China's foreign ministry, told Brazilian daily Folha de that 'information about participation in the summit will be shared at the appropriate time'. He added that China supports Brazil's Brics presidency and aims to 'promote deeper cooperation' among the member states. 'In a volatile and turbulent world, Brics nations maintain their strategic resolve and work together for global peace, stability and development,' Guo said. Brazilian disappointment over Xi's no-show In Brasília, officials have expressed clear disappointment over Xi's decision. A source told The Post that Lula's visit to Beijing in May was 'a gesture of goodwill' and had come with 'the expectation that the Chinese president would reciprocate' by attending the summit in Rio, the South China Morning Post said. Some speculate that Xi skipped the event because Lula invited Indian Prime Minister Narendra Modi to a state dinner after the summit, which may have made Xi feel like a 'supporting actor.' Questions about Xi's attendance had been circulating since February. During a visit to Beijing, Lula's special adviser for international affairs, Celso Amorim, discussed the issue with Chinese Foreign Minister Wang Yi. At the time, Amorim acknowledged the increasing difficulty of international travel for heads of state but said he had urged China to consider Xi's presence essential. 'I said to them, 'Brics without China is not Brics',' Amorim said. He noted that former Chinese President Hu Jintao had once flown to Brazil for the first Brics summit despite a major earthquake in China. 'He stayed only one day, but he came.' Amorim emphasised the importance of Xi's participation in the context of global instability, pointing to the US withdrawal from the Paris Agreement and the World Health Organisation. 'It's especially important now,' he said.
Time of India
33 minutes ago
- Time of India
Tesla sales skid in Europe in May despite EV rebound
Tesla CEO Elon Musk PARIS: Tesla missed out on Europe's rebounding EV sales last month as the political activities of its CEO Elon Musk appear to continue to repel customers, industry data showed Wednesday. Tesla sold 40.2 per cent fewer cars in Europe in May than in the same month last year, according to data from the ACEA, the trade association of European car manufacturers. Overall, sales of battery-electric vehicles jumped by 25 per cent that same month in Europe. During the first five months of 2025, Tesla sales fell 45.2 per cent from the same period last year, as European consumers have been turned off by Musk's close ties to US President Donald Trump. European consumers also increasingly have more battery-electric vehicles to choose from, including from Chinese car firms. Tesla's market share of Europe's total automobile market has fallen to 1.1 per cent from two percent last year. Tesla's slump comes as EV sales in Europe rebounded by 26.1 per cent in the first five months of the year, accounting for 15.4 per cent of all cars sold. That's "a share still far from where it needs and was expected to be," said ACEA chief Sigrid de Vries. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Chequea, compara y toma la decisión tecnológica correcta Mandarina - Tráfico Leer más Undo The EU aims to end sales of new internal combustion engine cars in 2035, but high prices and a perceived lack of charging infrastructure have given consumers pause. "Consumer reluctance is by no means a myth, and we need to incentivise a supportive ecosystem, from charging infrastructure to fiscal incentive, to ensure the uptake of battery-electric models can meaningfully accelerate," added de Vries. Overall, car sales rose by 1.6 per cent in Europe last month, but were down by 0.6 per cent in the first five months of the year. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
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First Post
2 hours ago
- First Post
A state dinner for PM Modi might see ‘ignored' Xi Jinping skip Brics summit in Brazil
There are speculations that Brazil president's invitation to PM Modi for a state dinner following the Brics Summit may have led China's Xi to pull out read more Prime Minister Narendra Modi (left) with Brazil's President Luiz Inacio Lula da Silva (right) during the symbolic tree plantation ceremony at the closing session of the G20 Summit 2023 at the Bharat Mandapam, in New Delhi, Sunday, Sept. 10, 2023. Source: PTI In a first, Chinese President Xi Jinping might skip the upcoming Brics summit in Rio de Janeiro; and the speculations have already caused frustration among Brazilian officials. Hong Kong-based South China Morning Post (SCMP) reported, citing officials, that Xi may not attend next week's summit owing to 'scheduling issues'. Premier Li Qiang is expected to lead the Chinese delegation. The SCMP also reported speculations that Brazilian President Luiz Inácio Lula da Silva's invitation to Indian Prime Minister Narendra Modi for a state dinner following the Brics Summit may have influenced Beijing's decision. STORY CONTINUES BELOW THIS AD According to the Post, the Chinese side is fearing that Lula-Modi meeting may grab the limelight, and Xi might look as 'a supporting actor'. Brazil 'frustrated' Along with scheduling issues, the Chinese officials say another reason for speculated Xi's absence at the summit is that Lula and Xi have met twice in less than a year – first at the G20 summit and state visit to Brasília last November, and again in May during the China-Celac forum in Beijing. Despite these speculations, Beijing has said it supports Brazil's Brics presidency. Guo Jiakun, the Chinese foreign ministry's spokesman, said Beijing sought to 'promote deeper cooperation' among its members. 'In a volatile and turbulent world, Brics nations maintain their strategic resolve and work together for global peace, stability and development,' he added. However, officials in Brazil are pulling no punches. A source in Brasília told the Post that Lula had travelled to Beijing in May as 'a gesture of goodwill' and with 'the expectation that the Chinese president would reciprocate' by attending the BRICS Summit. Even in February, Lula's special adviser for international affairs Celso Amorim had raised this matter with Chinese Foreign Minister Wang Yi. Amorim reportedly told the Chinese side that they were hoping to host Xi Jinping. 'I said to them, 'Brics without China is not Brics',' Amorim said, recalling that during the first Brics summit in Brazil, then-president Hu Jintao attended despite a major earthquake in his country. 'He stayed only one day, but he came.' He said it was important for China to reinforce its presence at the world stage, given the 'breaking of international rules' with '[the US] leaving the Paris Agreement and the World Health Organization'. STORY CONTINUES BELOW THIS AD
