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Electric Vehicle (EV) Policy 2024
March 19 , 2024
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- The union government announced a new electric vehicle (EV) policy.
- It is expected to provide a major boost to Tesla's plans to start operations in India.
- As part of the new policy, the government will lower import taxes on certain electric vehicles for companies.
- Interested companies must commit a minimum investment of Rs 4150 crore (USD 500 Mn).
- However, there is no limit on maximum investment.
- They will be granted a three-year period to establish local manufacturing facilities for electric vehicles (EVs).
- They must reach 50 per cent domestic value addition (DVA) within 5 years at the maximum.
- The Domestic Value Addition (DVA) refers to the percentage of localised components used in manufacturing.
- Companies must achieve a localization level of 25 per cent by the 3rd year and 50 per cent by the 5th year.
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