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Mahindra calls for EV level

playing field amid Tesla's
India entry plans

Credit: REUTERS/ANUSHREE FADNAVIS

January 16, 2024 4 05536 am EST

Written by Reuters (

By Una Galani DAVOS, Switzerland, Jan 16

RReuters) Indian automaker Mahindra &
Mahindra has told the government there
must be a level playing field between
domestic and foreign players and local
manufacturing must be promoted, a top
executive said, as New Delhi seeks to lure
carmakers such as Tesla .

Mahindra and Tata Motors have pressed

Indian officials privately not to lower import
taxes of 100% on electric vehicles and
protect domestic firms and their foreign
investors as the government reviews Tesla's
plans to enter the market, Reuters reported
last month.

Méregtelenítés alvás közben

nuubuo:cial.com Megnyitás

Asked about Tesla's entry and New Delhi's

planned policy to lower import taxes,
Mahindra Managing Director Anish Shah said
his company had made representations to
Indian officials saying global EV makers must
be nudged to invest in India.

"It should be a level playing field and

investing in India is important," Shah told
Reuters in an interview at the World
Economic Forum annual meeting, without
referring to Tesla by name.

"Our approach is essentially to create a

stronger industry in India, and not to be in a
situation where manufacturing is done
outside India, and India just becomes an
importer of products," he added.

India sold 4 million cars last year and just

82,000 of those were EVs, but the nascent
segment clocked sales growth of 115%
versus the previous year.

Mahindra has raised around $400 million

from Singapore's Temasek and British
International Investment, while private equity
firm TPG and Abu Dhabi state holding
company ADQ invested $1 billion in 2021 in
Tata.

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Shah said Mahindra has plans to list its EV

unit, but not before 2029 "because we need
to be able to show significant success in that
business."

"For us, electric is the future," he said.

Tesla has proposed setting up an Indian

factory but also demanded lower import
taxes for electric cars. India is working on a
new policy to cut import taxes on EVs to as
low as 15% for companies committing to
some local manufacturing, Reuters has
reported.

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But that has worried the Indian industry with

sources saying Tesla's entry could risk future
fundraising of Indian EV companies as they
need a stable and favourable import tax
regime.

RReporting by Una Galani in Davos; Writing

by Aditya Kalra; Editing by Sharon Singleton)
((una.galani@thomsonreuters.com;))
Keywords: DAVOS MEETING/MAHINDRA
INDIA RPIXn

The views and opinions expressed herein are

the views and opinions of the author and do not
necessarily reflect those of Nasdaq, Inc.

Tags US MARKETS

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