Indian government: Eligible companies can import electric vehicles with a 15% tariff

On June 2, the Indian government announced that the Indian government has finalized a new electric vehicle policy. According to the new policy, companies are allowed to import electric vehicles at a price of $35,000 at a preferential tariff of 15% for a period of five years. Companies need to invest $486 million in manufacturing electric vehicles in India before they can import electric vehicles at a lower tariff, up to 8,000 vehicles per year. Companies need to localize 25% of their vehicles within three years and 50% of their electric vehicles within five years. When manufacturing electric vehicles, car companies must achieve 25% of local parts within three years and 50% of local parts within five years. Investment in infrastructure, machinery and equipment, scientific research and charging networks will be considered only to a limited extent.