Way to go: Elon Musk's father Errol hails India's electric car scheme

Time of India

3 days ago

Elon Musk's father, Errol Musk, who is visiting India this week, on Monday hailed India's forward-looking scheme to enable fresh investments from global manufacturers in the electric cars segment and promote the country as a
global manufacturing hub for e-vehicles
.
In an exclusive interaction with IANS here, Errol Musk, who is Global Advisor to homegrown Servotech Renewable Power System Ltd, said lowering customs duty of 15 per cent on electric four-wheelers with a minimum CIF (cost insurance and freight value) of $35,000 is a "very good idea".
"It is a very good idea. That's the way to go and make things easier for people who are already working in the EV field to further improve the world," said 79-year-old Errol.
According to the South African businessman, it is never easy to come up with these new, high-tech electric vehicles with state-of-the-art technology.
"One should give the EV manufacturers every chance that one can to help them go global, not hinder them," the elder Musk told IANS.
Errol Musk is in India for a visit focused on accelerating the nation's green technology and EV charging infrastructure development.
Under the new EV scheme, companies will be allowed to import up to 8,000 electric four-wheeler units annually at a lower import duty of 15 per cent, against 70-100 per cent currently, once they pledge an investment of Rs 4,150 crore for setting up manufacturing facilities in the country.
The carryover of unutilised annual import limits would be permitted.
According to the government 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.
Investment should be made for the domestic manufacturing of the eligible product. In case the investment under the scheme is made on a brownfield project, a clear physical demarcation with the existing manufacturing facilities should be made, the notification stated.