EV booster: Mercedes-Benz, Volkswagen, Hyundai show interest in India manufacturing
New Delhi: Union Heavy Industries Minister H D Kumaraswamy said on Monday that Mercedes Benz, Skoda-Volkswagen (VW), Hyundai, and Kia have shown keen interest in manufacturing their electric vehicles (EVs) in India.
The minister further said that the application window for the Scheme to Promote Manufacturing of Electric Passenger Cars in India (SPMEPCI) will open soon.
On Elon Musk-run Tesla, the Union Minister said: "We are not actually expecting (manufacturing) from them as they are only to start showrooms. They are not interested in manufacturing in India."
The new EV policy has allowed several concessions for companies that will invest in India and set up manufacturing units.
The Centre has now notified guidelines to enable fresh investments from global manufacturers in the electric cars segment and promote India as a global manufacturing hub for e-vehicles.
The approved applicants will be allowed to import completely built-in units (CBUs) of electric four-wheelers with a minimum CIF (cost insurance and freight value) of $35,000 at a reduced customs duty of 15 per cent for a period of 5 years from the date that the application is approved.
Approved applicants would be required to make a minimum investment of Rs 4,150 crore in line with the provisions of the scheme. The maximum number of e-4Ws allowed to be imported at the reduced duty rate will be capped at 8,000 units per year. The carryover of unutilised annual import limits would be permitted.
According to the notification, the maximum number of EVs to be imported under this scheme will be such that the maximum duty foregone per applicant will be limited to Rs 6,484 crore, or the committed investment of the applicant of a minimum of Rs 4,150 crore, whichever is lower.
Meanwhile, the upcoming higher steel tariffs by US President Donald Trump will have a "minor" impact on India as the country does not export big to the US, Kumaraswamy said.
Trump last week announced to double import tariffs on steel and aluminium from 25 per cent to 50 per cent, starting June 4.
Speaking to reporters in the national capital, Kumaraswamy said: "Minor impact will be there as we are not exporting (to the US) in a big way."
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