Tesla and China’s Contemporary Amperex Technology Co. Ltd (CATL) and other companies that have shown an initial interest in the Indian government’s plan to build large battery factories at an investment of about ₹50,000 crore (US$7 billion).
India’s plan to set up 50-gigawatt hour (GWh) factories. The final tender expected to be awarded by February, 2020. Each gigawatt-hour (1,000 megawatt hours) of battery capacity can power 1 million homes for an hour and around 30,000 electric cars.
Only 18 out of 1,000 Indians own a car, compared with nearly 800 in the United States and around 500 in the European Union. India passed Germany to become the fourth-largest car market in the world in 2018. McKinsey forecasts that India will overtake Japan for the third spot in 2021. In 2018, India’s passenger car sales rose by 5 percent, to 3.4 million vehicles.
— Yashwanth Reddy 🇮🇳 (@Yashwanthnadal) August 1, 2019
I’m told import duties are extremely high (up to 100%), even for electric cars. This would make our cars unaffordable.
— Elon Musk (@elonmusk) August 1, 2019
Yes Elon. For car over $40k, import is 100%. For less than $40k, its 60%. So won't make sense. But having a small vehicle assembly plant can help. Import just 10-15%. And govt recently reduced GST on EV from 12% to 5% and on chargers also from 18% to 5%.
— Tesla Club India (@TeslaClubIN) August 1, 2019
SOURCES- Livemint, Twitter
Written By Brian Wang, Nextbigfuture.com
Brian Wang is a Futurist Thought Leader and a popular Science blogger with 1 million readers per month. His blog Nextbigfuture.com is ranked #1 Science News Blog. It covers many disruptive technology and trends including Space, Robotics, Artificial Intelligence, Medicine, Anti-aging Biotechnology, and Nanotechnology.
Known for identifying cutting edge technologies, he is currently a Co-Founder of a startup and fundraiser for high potential early-stage companies. He is the Head of Research for Allocations for deep technology investments and an Angel Investor at Space Angels.
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