Related News

In today’s digital age, the opportunity to make money online without any initial investment is more accessible than ever before. Whether you’re a student looking to earn some pocket money,

Thomas Fuller | SOPA Images | Lightrocket | Getty Images Apple is taking a cue from some of its competitors. The technology giant’s Apple TV+ monthly subscription is now $12.99,

As more people use AI chatbots to vent about stress and seek emotional support, questions remain about whether artificial intelligence can be trusted with mental health. Psychiatrist Dr. Marlynn Wei

Sales of previously occupied US homes registered an uptick in July, aided by a modest decline in mortgage rates, slower home price growth and the largest supply of properties on

US aviation major Boeing is negotiating a potential sale of as many as 500 aircraft to Chinese companies, Bloomberg News reported on Thursday, citing sources familiar with the discussions.A deal

US stocks slipped again on Thursday, extending a run of modest losses that began after last week’s record high. The S&P 500 eased 0.3%, putting it on track for a

Trending News

In today’s digital age, the opportunity to make money online without any initial investment is more accessible than ever before. Whether you’re a student looking to earn some pocket money,

In today’s digital world, make money online has become a dream many want to turn into reality. Whether you’re looking for a side hustle or aiming to build a full-time

JSW Cement, the building materials arm of Sajjan Jindal-led JSW Group, has reduced the size of its upcoming initial public offering (IPO) to Rs 3,600 crore and will open the

The agricultural Gross Value Added (GVA) growth is expected to moderate to 4.5% in the first quarter of FY26, down from 5.4% in the preceding quarter, according to a report

Foreign portfolio investors (FPIs) turned net sellers in the Indian equity market in July, pulling out Rs 17,741 crore amid rising global trade tensions. According to data from NSDL, this

Avenue Capital Group-backed Asset Reconstruction Company (India) Ltd (ARCIL) has filed its draft red herring prospectus (DRHP) with markets regulator Sebi on Friday to raise funds through an initial public

‘India a very hot market but…’: Elon Musk-led Tesla says 100% car tariffs make customers anxious

Word Count: 729 | Estimated Reading Time: 4 minutes


‘India a very hot market but...’: Elon Musk-led Tesla says 100% car tariffs make customers anxious
Tesla has long sought to establish a presence in India, the world’s third-largest automotive market. (AI image)

Elon Musk-led Tesla sees India as a ‘very hot market’, but rues the 100% tariffs on automobiles, which it says make customers anxious. The US auto giant continues to evaluate the timing of its entry into this promising market, according to Tesla’s chief financial officer Vaibhav Taneja’s statement.
Tesla has long sought to establish a presence in India, the world’s third-largest automotive market. However, the exceptionally high tariffs, which CEO Elon Musk says are amongst the world’s highest, remain a significant obstacle.
Recent developments show Tesla securing showroom locations in India and advertising numerous job positions, indicating progress towards market entry. Import records reveal that Tesla brought a Model Y vehicle from Germany to India in March, valued at $46,000 for shipping purposes.
“The same car which we’re sending is 100% more expensive than what it is. So that creates a lot of anxiety. People feel OK, they’re paying too much for the car … That’s why we’ve been very careful trying to figure out when is the right time (to enter India),” Vaibhav Taneja said during an earnings call according to a Reuters report.
Also Read | Elon Musk’s Tesla eyes India to diversify its global supply chain; in talks with CG Semi, Micron
“India is a very hot market,” he added.
Tesla reported disappointing first quarter financial results on Tuesday, showing a 71% decline in net profit.
Tesla has approached Indian authorities to reduce import duties on vehicles, whilst officials from Prime Minister Narendra Modi’s government are negotiating with U.S. President Donald Trump’s administration to reduce the 100% duties through a bilateral trade agreement.
The United States has requested complete removal of vehicle tariffs, however New Delhi remains hesitant to eliminate taxes entirely, though it is considering additional reductions.
Local automotive manufacturers like Tata Motors and Mahindra and Mahindra have strongly resisted any tariff reductions that would make imported vehicles more affordable.
Following discussions with Modi regarding technological and innovative partnerships, Musk announced his intention to visit India this year.
Last year, Tesla nearly established a presence in India, with Musk planning a visit to announce investments ranging from $2 billion-$3 billion, including an EV manufacturing facility. However, he withdrew from the trip at the final moment.
Also Read | Goodbye China, Namaste India! Laptop brands shift production as PLI scheme bears fruit, Trump’s tariffs loom large





Source link

Most Popular Articles