Tesla chief Elon Musk is set to meet Indian Prime Minister Narendra Modi soon, and the timing couldn’t be any better.
This report is from this week's CNBC's"Inside India" which brings you timely, insightful news and market commentary on the emerging powerhouse and the big businesses behind its meteoric rise. Like what you see? You can subscribe
The governing party, BJP, is widely expected to win and has pledged to attract foreign investment and boost economic growth. The lowered tariffs are also conditional on automakers investing $500 million in three years to manufacture vehicles locally. Until then, they won't be permitted to sell more than 8,000 cars annually and benefit from the cheaper import tax rate.
Even if India makes sense as a manufacturing base to export cheaper vehicles, demand for EVs is slowing in a big way. Tesla has cut around 14,000 jobs globally to reduce costs as margins get squeezed by poor sales figures.
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