Latest news with #importtax
Yahoo
14 hours ago
- Automotive
- Yahoo
Tesla not keen on local production in India, minister says
By Neha Arora and Aditi Shah NEW DELHI (Reuters) -Tesla does not want to produce cars in India, a federal minister said on Monday, while adding that Mercedes-Benz and Volkswagen are among the foreign carmakers eyeing India's new electric vehicle policy. Tesla has long wanted to sell in the world's third-largest car market, but high tariffs, which its chief Elon Musk has said are among the steepest in the world, have been a deterrent. India on Monday finalised an EV policy that significantly cuts import taxes for foreign automakers that pledge to invest in building EVs domestically. The policy, which has been in the works for a year, was originally designed to lure Tesla to set up manufacturing in the country. Under the revamped scheme, companies will be allowed to import a limited number of electric cars at a lower import duty of 15% versus the current 70% duty if they commit to investing $486 million to build EVs in the country, the ministry of heavy industries said. The companies will be required to set up manufacturing facility in India and commence operations within three years after getting approval and must meet certain local content requirements. Domestic players like Tata Motors and Mahindra & Mahindra have invested millions of dollars in local EV manufacturing, with more to come, and lobbied against duty cuts. India's EV sales, dominated by Tata Motors, accounted for just 2.5% of total car sales of 4.3 million in 2024, and the government wants to increase this to 30% by 2030. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
14 hours ago
- Automotive
- Yahoo
Tesla not keen on local production in India, minister says
By Neha Arora and Aditi Shah NEW DELHI (Reuters) -Tesla does not want to produce cars in India, a federal minister said on Monday, while adding that Mercedes-Benz and Volkswagen are among the foreign carmakers eyeing India's new electric vehicle policy. Tesla has long wanted to sell in the world's third-largest car market, but high tariffs, which its chief Elon Musk has said are among the steepest in the world, have been a deterrent. India on Monday finalised an EV policy that significantly cuts import taxes for foreign automakers that pledge to invest in building EVs domestically. The policy, which has been in the works for a year, was originally designed to lure Tesla to set up manufacturing in the country. Under the revamped scheme, companies will be allowed to import a limited number of electric cars at a lower import duty of 15% versus the current 70% duty if they commit to investing $486 million to build EVs in the country, the ministry of heavy industries said. The companies will be required to set up manufacturing facility in India and commence operations within three years after getting approval and must meet certain local content requirements. Domestic players like Tata Motors and Mahindra & Mahindra have invested millions of dollars in local EV manufacturing, with more to come, and lobbied against duty cuts. India's EV sales, dominated by Tata Motors, accounted for just 2.5% of total car sales of 4.3 million in 2024, and the government wants to increase this to 30% by 2030.
Reuters
15 hours ago
- Automotive
- Reuters
India finalises new EV scheme, offers import tax cuts for local production
June 2 (Reuters) - India on Monday announced a scheme that includes significant import tax cuts for foreign automakers that commit to investing in manufacturing electric cars in the country. Under a rewamped scheme, companies will be allowed to import a limited number of electric cars at a lower import duty of 15% versus the current 70% duty if they commit to investing $486 million to build EVs in the country, the ministry of heavy industries said in a statement. Carmakers including Mercedes Benz ( opens new tab, Volkswagen , Skoda, Hyundai ( opens new tab and Kia ( opens new tab have already shown interest in the new policy, a federal minister told reporters in a media briefing on Monday.
Yahoo
15 hours ago
- Automotive
- Yahoo
India finalises new EV scheme, offers import tax cuts for local production
(Reuters) -India on Monday announced a scheme that includes significant import tax cuts for foreign automakers that commit to investing in manufacturing electric cars in the country. Under a rewamped scheme, companies will be allowed to import a limited number of electric cars at a lower import duty of 15% versus the current 70% duty if they commit to investing $486 million to build EVs in the country, the ministry of heavy industries said in a statement. Carmakers including Mercedes Benz, Volkswagen, Skoda, Hyundai and Kia have already shown interest in the new policy, a federal minister told reporters in a media briefing on Monday. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
2 days ago
- Business
- Yahoo
UK steelmakers call Trump doubling tariffs 'another body blow'
UK steelmakers said US President Donald Trump's decision to double import taxes on steel and aluminium to 50% is "yet another body blow" to the industry. Trade group UK Steel warned some orders could be delayed or cancelled, with uncertainty surrounding some shipments which are already halfway across the Atlantic. Trump's new 50% import tax will come into effect on Wednesday. It will replace the 25% import tax that the US president announced earlier this year. A UK government spokesperson said it was engaging with the US on the implications of the latest tariff announcement to provide clarity to the industry. The US agreed on 8 May to drop import taxes on UK steel as part of a trade deal with the UK, but the original 25% tariff has been kept in place while the details of the deal are worked out. UK Steel director general Gareth Stace said: "The deal that Prime Minister Sir Keir Starmer and President Donald Trump struck just a few short weeks ago is yet to be finalised, so this doubling of tariffs plunges the UK steel industry further into is yet another body blow for all UK steelmakers in this torrid time. "UK steel companies are this morning fearful that orders will now be cancelled, some of which are likely being shipped across the Atlantic as we speak." Mr Stace said the trade group would now be "pressing our government to finalise the agreement to eliminate UK steel import tax and for it to come into effect urgently". "UK steelmakers should not have to shell out for this new steep hike in US steel tariffs - all we want is to continue producing the steel our US customers value so highly," he said. A spokesperson for the UK government said: "The UK was the first country to secure a trade deal with the US earlier this month and we remain committed to protecting British business and jobs across key sectors, including steel." The Guardian reported on Saturday that UK business secretary Jonathan Reynolds will meet his US counterpart Jamieson Greer at an OECD meeting - a global policy forum - in Paris next week, where they will seek to agree a timeline for exempting the UK from the US steel tariffs. Trump to double tariffs on steel imports The UK exports a relatively small amount of steel and aluminium to the US - about £700m-worth a year in total - but it is an important market. The UK situation should be relatively simple to resolve but until details of the UK-US deal are worked out, business with America is about to become more complicated and more expensive. It is unclear how long for. The type of specialist steel the UK exports to America - which is often used in things like nuclear submarines - means the US would struggle to source it elsewhere. Tariff-free trade is mutually beneficial. But this is yet another reminder that with Trump, nothing can be ruled out. Simon Jack: Tariff ruling doesn't really change US-UK deal Trump tariffs get to stay in place for now. What happens next? US and UK agree deal slashing Trump tariffs on cars and metals
