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 subscribeTesla chief Elon Musk is set to meet Indian Prime Minister Narendra Modi soon, and the timing couldn't be any better.India is gearing up for a general election that will be conducted over a month and a half.
Feeling out of the loop? We'll catch you up on the Chicago news you need to know. Sign up for the weeklyTo make things easier, India lowered the barrier to entry for foreign automakers earlier this year, just as China did in the previous decade. Import tariffs on foreign cars have been cut from 100% to 15% for vehicles above $35,000 — a move that’s been mooted as a direct effort to attract Tesla.
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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