Tag: Model 3 Tesla

Govt wants Tesla to come to India; Revenue Department yet to decide on duty cut

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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A day after the secretary, Road Transport and Highways Ministry, took a short ride in the Tesla Model 3, CNBC-TV18 has learnt that the government wants the American electric carmaker to come to India but wants it to commit to local sourcing, investments and manufacturing.

It is also understood that there are inter-ministerial differences on Tesla’s request for a duty reduction and a final call is yet to be taken by the Department of Revenue.

Tesla is holding up as it has conveyed to the government its need for duty reduction or else it will not be able to have viable business operations in India.

If Tesla brings its cars to India, there will be an import duty of 110 percent and the carmaker has requested for the duty on electric cars to be reduced to 40 percent. The proposal is pending with the Revenue Department.

There have been consultations between the Ministry of Heavy Industries, the Ministry of Road Transport, NITI Aayog, and the Ministry of Commerce as well. However, there are differences.

The Ministry of Heavy Industries believes that Tesla should manufacture in India before it can be granted any sort of duty concession whereas other ministries are of the view that there should be some sort of interim duty relief given to the Elon Musk company so that it can at least start operations in India and then the Indian government can ask it to start manufacturing or local sourcing as well.

Watch the accompanying video of CNBC-TV18’s Parikshit Luthra for more details.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

‘Not in January but definitely this year’: Elon Musk on Tesla India launch timeline

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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US-based electric car major Tesla on Monday clarified that it’s planning to enter India in 2021 but not in January.

This comes after union minister for road transport and highways said that Tesla will start operations in India in early 2021.

Tesla chief executive officer Elon Musk took to Twitter on December 27 to reply a tweet by a fan:

Gadkari said Tesla would start selling in India from 2021 and based on the response, it will consider setting up manufacturing and assembly lines in the country.

Tesla’s Sedan can accelerate from 0 to 60 mph in 3.1 seconds, is priced at Rs 60 lakh in India. The high price tag will put it into the premium segment and unaffordable to masses.

However, if not Tesla, then Apple e-cars can become a reality for many in the country. According to recent reports, Apple has announced the launch of e-vehicle in 2025. Its low cost and expected affordability give it an edge over Tesla.

Tesla is one of the world’s leading car manufacturers with a market cap of $659 billion, more than Toyota’s $215 billion.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Tesla cuts Model 3 price for second time this year

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Electric carmaker Tesla Inc said on Wednesday it is lowering the price of its Model 3 sedan by $1,100, citing the end of a costly customer referral program.

The second price cut this year brings down the cost of its least expensive variant to $42,900, according to the company’s website.

The starting cost of the Model 3 is now about $35,000, after about $8,000 of credits and fuel savings, Tesla Chief Executive Officer Elon Musk tweeted.

In a reply to a Twitter user asking about when Tesla would drop the Model 3 base price to $35,000, without credits, Musk said, “We’re doing everything we can to get there. It’s a super hard grind.”

Tesla ended its customer referral incentive plan on Feb. 1 after Musk tweeted that the referral program was “adding too much cost to the cars, especially Model 3”.

Tesla delivered fewer-than-expected Model 3 sedans in the fourth quarter and cut prices for all its vehicles in the United States to offset a reduction in a green tax credit.

The company is rapidly ramping up production of its Model 3 sedan and lower prices could help it reach a broader customer base than its pure luxury vehicles.

When asked about lower prices in Europe, Musk tweeted that the value added tax of about 20 percent and import duties of about 10 percent usually result in a 30 percent higher cost in Europe.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow