Bhavish Aggarwal, the CEO of Ola, stated on Sunday that anyone interested in importing vehicles into India should invest in the country. He was reacting to Tesla CEO Elon Musk’s call for lower import tariffs on electric vehicles.
Manish Aggarwal, co-founder and CEO of Tesla, stated that the industry must lead a sustainability revolution in the country. He applauded Tesla’s request for a reduction in import duties on its electric cars (EVs) for the company to establish operations in India. “I extend my warmest greetings to that gentleman upon his arrival in India…You are aware that competition is beneficial”, he stated.
According to Indian Prime Minister Narendra Modi, India is the best destination to invest in. He stated that it is not only about sustainability, but also about expanding the Indian technological and manufacturing ecosystems. Mr Modi also stated that corporations, both domestic and foreign, should invest in India.
Tesla Elon Musk has stated that if the company succeeds with imported automobiles in India, it may open a manufacturing facility. India now charges a 100% import duty on fully imported cars with a CIF (cost, insurance, and freight) value of more than USD 40,000 and a 60% levy on those costing less.
Aggarwal claims he will outperform the competition, whether it is domestic or international. He stated that the corporation intends to invest in India to expand the electric vehicle ecosystem.