India to expand EV manufacturing incentives after Tesla disappointment, source says
Live Mint* Incentives to be expanded to automakers using existing plants * Policy originally designed to lure Tesla to manufacture in India * Changes designed to encourage EV investment by other automakers * Policy rules expected to be finalised by March 2025 By Aditi Shah NEW DELHI, Nov 29 - India plans to expand electric vehicle incentives to automakers building models at existing factories in the country, instead of limiting the benefits to automakers willing to build new plants, a person with direct knowledge of the matter said. India's EV policy, which is still being finalised, was originally designed to encourage Tesla to enter the market and manufacture locally but the U.S. automaker backed off from those plans earlier this year. Under the policy announced in March, an automaker investing at least $500 million to manufacture EVs in India with 50% of components sourced locally is entitled to a huge cut on import taxes - a drop to 15% from as high as 100% for up to 8,000 electric cars per year. According to the minutes of the meeting, Toyota officials asked if the EV policy would allow for investing in a separate assembly line within a plant that produces multiple powertrains.