Elon Musk founder and CEO of Tesla, is dedicated to penetrating Indian Market with his Tesla. Recent reports disclosed Elon Musk’s two-location selection for showrooms both in India and New Delhi. Moreover, it has also posted job listings for 13 positions in India. While, Musk’s power Donald Trump slammed Elon Musk’s move saying, “Very Unfair”. Let’s break down this global spark in this article.
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Elon Musk’s Plans To Penetrate India Market With Telsa.
Elon Musk founder and CEO of Tesla, an Electric Vehicles (EVs) company, wasn’t able to penetrate the Indian market due to high import duties. But now he is planning to enter the Indian market, as certain progress has been seen.
According to a Reuters report, Tesla has already selected locations for two showrooms in New Delhi and Mumbai. It has also posted job listings for 13 positions in India. According to the report, Musk has previously criticized India’s high tariffs, and during the interview, he confirmed, “It’s 100 percent on auto imports.”
“Very Unfair”: Donald Trump Criticized Musk’s Tesla Factory In India.
Donald Trump, the power of Musk contradicts with Musk’s this move. He criticized Tesla’s CEO’s plan to build a manufacturing plant in India. He even declared it’s “Very Unfair, “Trump Said and acknowledged the challenges for Musk in selling the vehicles in India.
During an interview with Fox News on Tuesday, Donald Trump said if Tesla built a factory in India to avoid the country’s high tariffs, it would be “unfair” to the US.
“Every country in the world takes advantage of us, and they do it with tariffs… It is impossible to sell a car, practically, in, as an example, India,” Trump said.
According to Hindustan Times, Trump added that if Musk wanted to build a factory in India, that was “okay” but also “unfair” to the US. “That’s unfair to us. It’s very unfair,” he said.
Trump even acknowledged the challenges for Elon Musk to sell cars in India. In the interview Trump said turning to Musk, “It’s impossible for him to sell a car, practically, in, as an example, India. I don’t know if that’s true or not, but I think…” Musk then immediately intervened to complete Trump’s sentence and said, “The tariffs are like 100% import duty.”
Trump Talked About Tariffs Issue With PM Narendra Modi.
During a recent meeting with Indian Prime Minister Narendra Modi at the White House, Donald Trump discussed the Tariff Issue and proposed reciprocal tariffs, where he said, “whatever tariffs India imposes on U.S. goods would be matched by the U.S.” Reportedly, This proposal was met with some agreement from Musk during the interview.
Indian Government Revised EV Import Duties, Reducing Significantly.
Business Standard reported India imposes nearly 100 percent import duty on electric vehicles (EVs), making it expensive for foreign automakers to sell their cars there. This policy protects local companies like Tata Motors. However, in March, India introduced a new EV policy, reducing import taxes to 15 percent if a carmaker invests at least $500 million and sets up a factory in the country.
According to a Hindustan Times report, The company has not had much of a presence in India due to high tariffs however, India has now reduced the basic customs duty on high-end cars priced above $40,000 from 110% to 70%.
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