Merc, Skoda-VW may Make in India, Tesla to Stay Away
India Monday unveiled the guidelines for investment under its electric vehicle scheme that will allow carmakers to import 8,000 units at concessional import tariff if they set up a manufacturing facility in the country. The window for receiving formal requests will open soon.
Tired of too many ads?
Remove Ads
Tired of too many ads?
Remove Ads
India Monday unveiled the guidelines for investment under its electric vehicle scheme that will allow carmakers to import 8,000 units at concessional import tariff if they set up a manufacturing facility in the country. The window for receiving formal requests will open soon.Elon Musk's Tesla is keen on setting up sales outlets but not to make cars in India while Mercedes Benz, and Skoda-Volkswagen, and Hyundai, and Kia have shown interest in manufacturing EVs under the scheme, Union Heavy Industries Minister HD Kumaraswamy said Monday.'This will enhance India's status as a global EV manufacturing hub… applications window for seeking sops to open shortly,' the minister said, adding that beneficiaries will need to start domestic production within three years.Benefits under the Scheme to Promote Manufacturing of Electric Passenger Cars in India (SPMEPCI) are contingent on a company agreeing to invest and manufacture EVs in the country.Approved applicants will be allowed to import Completely Built-up Units (CBUs) of electric four wheelers with a minimum import value of $35,000 at reduced customs duty of 15% for five years and would be required to make a minimum investment of ₹4,150 crore.Europe's Mercedes Benz, Skoda-Volkswagen (VW), South Korean Hyundai, and Kia have held talks with the Centre regarding the scheme, Kumaraswamy said shortly after norms for the scheme were notified.'The future of mobility will be electric. SAVWIPL is closely monitoring the development of EV-related policies in India and is thoroughly assessing their implications. Based on this, we define the appropriate next steps in line with our long-term strategy,' a Skoda Auto Volkswagen India Pvt Ltd spokesperson said.'We fully support and remain committed to initiatives that lead to a sustainable and self-sufficient battery electric vehicle ecosystem in India,' the spokesperson added.Mercedes, Kia and Hyundai did not respond to queries from ET on their plans with regard to the scheme.Tesla is said to be testing the waters for its electric vehicles (EVs) in India by importing some cars. The company has been in discussions with the Indian government and has in the past flagged its high import tariffs for cars. Founder Elon Musk was expected to visit India in April last year and announce the company's plans, but the trip was called off.Responding to a query on Tesla's possible India plans, Kumaraswamy said the US-headquartered EV maker has not shown interest in manufacturing domestically.'Tesla only wants to open showrooms and sell imported cars,' he said.Asked about the impact of US President Donald Trump's newest plan to raise import tariffs on steel, Kumaraswamy said it will have minimal impact on India.Trump announced in May last week that tariffs on imported steel and aluminium will double to 50% after June 4. 'The only concern is for consignments on the way since they will attract higher duty if they don't reach before June 4,' he said.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
United News of India
29 minutes ago
- United News of India
BCCI floats RFP for IPL and WPL digital services
Mumbai, June 4 (UNI) The Board of Control for Cricket in India (BCCI) on Wednesday invited proposals from reputed entities to provide digital services for the Indian Premier League (IPL) and Women's Premier League (WPL), aiming to further enhance the digital presence and fan engagement of both premier T20 competitions. Issuing a Request for Proposal (RFP), the cricket board said, 'The BCCI invites proposals from reputed entities to acquire the rights and obligations to provide services relating to IPL and WPL Digital Properties.' The RFP document outlines the terms, conditions, and technical specifications governing the submission and evaluation of bids. It can be purchased upon payment of a non-refundable fee of Rs 2.50 lakh plus applicable GST for Indian entities, and USD 2,925 for foreign entities. The RFP will be available from June four. The last date to seek clarifications is June 20, the deadline to purchase the RFP is June 25, and completed proposals must be submitted by July seven. Only those meeting the eligibility criteria will be eligible to bid. Indian applicants must have a minimum annual turnover of Rs 15 crore, while foreign applicants must show equivalent turnover. Applicants must also have at least eight years of relevant digital service experience, with preference given to those with a track record in sports, particularly cricket, and expertise in broadcast-integrated digital solutions. 'It is clarified that merely purchasing the RFP does not entitle any person to bid,' the BCCI stated, adding that only those who meet the eligibility conditions and submit complete documentation will be allowed to participate in the bidding process. Interested parties must email payment confirmation to [rfp@ as per the procedure laid out in the RFP's Annexure A. The RFP documents will be shared only after verification of payment and relevant details. The BCCI further clarified that it 'reserves the right to cancel or amend the RFP process at any stage in any manner without providing any reason.' UNI BDN SS
Mint
30 minutes ago
- Mint
Why Elon Musk turned against Donald Trump and his ‘One Big Beautiful Bill' - Here are the 5 reasons
Once close allies, now at odds: Elon Musk's once-robust relationship with Donald Trump appears to be crumbling amid growing policy clashes, public criticism, and mounting fallout for Musk's companies. The turning point seems to be Trump's so-called 'Big Beautiful Bill,' a sweeping Republican legislative package that Musk claims undermines innovation and economic discipline. Here's a breakdown of the key reasons behind the falling out: Elon Musk's sharp break from Donald Trump finds its most immediate pain point in Tesla's bottom line: the proposed elimination of federal electric vehicle (EV) tax credits. Under current policy, buyers of new EVs are eligible for up to $7,500 in federal tax credits, with an additional $4,000 available for used EVs. These credits, part of the Biden-era Inflation Reduction Act, have been a critical incentive driving EV adoption—and by extension, Tesla's sales. But Trump's so-called 'Big Beautiful Bill,' backed by GOP lawmakers, aims to gut those incentives entirely for manufacturers that have already sold over 200,000 qualifying vehicles between 2009 and 2025. Tesla, by far the EV market leader, is directly in the firing line: the company sold over 336,000 vehicles in just Q1 of 2025 alone. According to JPMorgan analyst Ryan Brinkman, the removal of these credits could represent a $1.2 billion headwind for Tesla—a significant blow as the company battles slumping demand, falling profits, and political backlash from Musk's government role. So, Musk became increasingly vocal in criticising Trump's massive federal spending bill—nicknamed the 'Big Beautiful Bill.' Musk called the bill 'a disgusting abomination' and accused GOP lawmakers of abandoning fiscal responsibility. 'I was disappointed to see the massive spending bill, frankly… which increases the budget deficit… I don't know if a bill can be big and beautiful,' Musk told CBS previously. Musk's discontent escalated after Trump abruptly withdrew the nomination of private astronuat and his ally Jared Isaacman—as NASA Administrator. Trump cited 'prior associations' in his decision, which Musk might have seen as a betrayal. Isaacman had broad support in the space community and was seen as Musk's pick to align NASA policy with SpaceX's interests. His removal coincided with Musk's own exit as a 'special government employee' running the Department of Government Efficiency (DOGE). 'It is rare to find someone so competent and good-hearted,' Musk said in support of Isaacman, signaling the depth of his frustration. Elon Musk's foray into federal governance as a 'special government employee' under the Trump administration has left a lasting dent in his personal and public image. What began as a high-profile effort to 'streamline government efficiency' quickly turned into a political and reputational minefield for the billionaire CEO. As head of the Department of Government Efficiency (DOGE), Musk was tasked with cutting what the Trump administration called 'wasteful spending.' But the resulting actions—including mass layoffs in federal departments, rumored threats to Social Security and Medicare programs, and abrupt budget slashes—sparked widespread backlash. Despite Musk's repeated clarifications that DOGE had no authority over entitlement programs, public anger snowballed. 'It's a bit unfair because DOGE became the whipping boy for everything,' Musk told CBS. 'I've had people think DOGE is going to stop them from getting their Social Security check, which is completely untrue.' The political blowback triggered a sharp decline in Musk's public approval. Protests, online campaigns, and lawsuits followed, along with a string of death threats and acts of violence targeting both Musk and Tesla facilities. As public anger grew, Tesla became a target: Showrooms were vandalised Tesla vehicle sales plummeted Shares fell 50% from record highs Net worth dropped by $100 billion Musk lamented being made the scapegoat: 'DOGE became the whipping boy for everything... People thought it would stop their Social Security checks.' His candid remarks reflect a man caught between two identities—visionary entrepreneur and political appointee. 'I don't want to speak up against the administration,' he said, 'but I also don't want to take responsibility for everything this administration is doing.' Musk recently escalated pressure on the FAA to drop Verizon's $2.4 billion contract for air traffic control upgrades, claiming the system is failing. He offered Starlink as an emergency solution, suggesting the FAA should shift the contract to SpaceX. But critics flagged this as a possible conflict of interest—especially since Musk had been advising on federal spending.
Time of India
31 minutes ago
- Time of India
Elon Musk has a SpaceX ‘challenge' for NASA's entire budget for 2026
Elon Musk has issued a financial "challenge" to NASA, stating that SpaceX 's commercial revenue will exceed the entire budget of the government space agency in 2026. The tech billionaire, who is also the CEO of SpaceX, took to the social media platform X (earlier Twitter) to predict that the rocket maker is projected to record nearly $15.5 billion in revenue this year. This figure highlights SpaceX's increasing presence in the commercial space sector . In his X post, Musk specifically noted that SpaceX's commercial revenue from space operations in 2026 will surpass NASA 's projected budget of roughly $1.1 billion for that same year. In the X post, Musk wrote: 'Perhaps an interesting milestone: @SpaceX commercial revenue from space will exceed the entire budget of @NASA next revenue this year will be ~$15.5B, of which NASA is ~$1.1B.' How Elon Musk's SpaceX may be able to achieve this feat by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Giao dịch CFD với công nghệ và tốc độ tốt hơn IC Markets Đăng ký Undo According to a report by the news agency Reuters, while NASA continues to fund deep space exploration and scientific missions, SpaceX seems to have capitalised on rising demand for affordable launch services and satellite-based communications to drive revenue growth. SpaceX is also developing its 400-foot (122-meter) Starship rocket, which Elon Musk has said will be vital in enabling future human missions to Mars. SpaceX's reusable Falcon 9 and Falcon Heavy rockets have significantly lowered launch costs, helping the company capture a dominant share of the global launch market. In 2024, SpaceX completed 134 Falcon launches — a record-breaking achievement that made it the most active launch operator worldwide. As per the Reuters report, the company aims to surpass this milestone with 170 launches by year-end to keep up with increasing satellite deployment demand. The report also notes that much of SpaceX's revenue stems from its Starlink satellite internet service. Musk has said Starlink will go public, though no timeline has been confirmed. In November 2023, Musk announced that Starlink had reached breakeven cash flow. Thousands of Starlink satellites have already been deployed to provide global broadband coverage. Additionally, as per Reuters, SpaceX and two other partners have become leading contenders to secure a key role in the US 'Golden Dome' missile defence initiative, a project backed by President Donald Trump. Stay ready with these 7 essential medical gadgets as COVID cases rise AI Masterclass for Students. Upskill Young Ones Today!– Join Now
