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Electric SUVs on the rise in India, new policy paves way for VinFast launch
The Business Guardian
|March 19, 2024
The Indian government’s recent approval of an electric vehicle (EV) policy is poised to usher in significant developments in the automotive industry, according to industry analysts.
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The policy, announced on March 15, mandates a minimum investment of Rs 4,150 crore and sets a three-year timeframe for starting commercial EV production. It also requires a localization level of 25 percent by the third year and 50 percent by the fifth year to avail the lower custom duty of 15 percent on Completely Built Units (CBUs) priced at a minimum value of $35,000.
Analysts believe that this policy will attract foreign original equipment manufacturers (OEMs) like Tesla, BYD, VinFast Auto, and Fisker, among others, to invest in India’s burgeoning EV market. It is anticipated to facilitate the transfer of global technologies, expand product ranges, and enhance cost competitiveness, thereby driving increased adoption of EVs.
This story is from the March 19, 2024 edition of The Business Guardian.
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