Indian government launches incentives for electric vehicle industry

On June 1, the Indian government launched an incentive policy for the electric vehicle industry, providing import tariff concessions to foreign-funded automakers. Qualified companies (committing to invest at least US$500 million in the production of electric vehicles) can enjoy a reduction in import tariffs from 70% to 15%, but they must commit to achieving localized production within three years and meeting local parts procurement requirements.