## Tata Motors to Import Jaguar Land Rover EVs Under New Government Policy
Tata Motors is planning to import its Jaguar Land Rover (JLR) luxury electric cars under a new government policy that aims to attract investment in the electric vehicle (EV) sector. This policy also attracted Elon Musk's Tesla, which is poised to make a significant investment in India.
The new EV policy, approved by the Narendra Modi-led government last month, offers import duty concessions to companies setting up manufacturing units in India with a minimum investment of $500 million. Companies that establish EV passenger car manufacturing facilities can import a limited number of cars at a lower customs duty of 15% for vehicles costing USD 35,000 and above for five years.
Currently, cars imported as completely built units attract customs duty ranging from 70-100%, depending on the engine size and cost.
If Tata decides to opt for the new EV policy, it would become the first Indian carmaker to do so. This move would align with the government's goal of increasing EV adoption in the country.
In addition to importing JLR EVs, Tata is also preparing to produce JLR vehicles at a new facility in Tamil Nadu with a budget of $1 billion.
Meanwhile, Tesla CEO Elon Musk is expected to announce a significant investment in India, amounting to $2-$3 billion, with the primary focus on constructing a new factory. Musk is scheduled to meet with Prime Minister Modi in the week of April 22 in New Delhi and will make a separate announcement about his India plans.
India's electric vehicle market is growing steadily, led by Tata Motors. In 2023, EVs made up 2% of total car sales. The government aims to have 30% of new cars be electric by 2030, signaling a significant shift in the automotive industry.