India’s market for luxury electric vehicles is hotting up
Even as Tesla is holding out for India to lower import duties on electric cars, rivals such as Mercedes-Benz, and Volvo are seeing a bigger opportunity in assembling these cars locally. Taxes on locally assembled electric cars add up to 45% versus 110% on imported models, making them more affordable for consumers in India and a better business model for companies, an analysis by ET showed.
India’s market for luxury electric vehicles is getting hotter, with the likes of Mercedes-Benz, Audi, BMW, Volvo lining up a slew of launches and state governments making a beeline to support Tesla’s entry into the country.
