Reuters exclusively reports India may cut import duties on EVs

Reuters reported exclusively that India is considering slashing import duties on electric cars to as low as 40%, days after Tesla Inc’s appeals for a cut polarized the country’s auto industry. For imported electric vehicles (EVs) with a value of less than $40,000 – including the car’s cost, insurance and freight – the government is discussing slashing the tax rate to 40% from 60% presently. For EVs valued at more than $40,000, it is looking at cutting the rate to 60% from 100%.