New energy vehicles purchased in 2024 and 2025 will be exempted from purchase tax of up to 30,000 yuan per vehicle, and half of that for purchases in 2026 and 2027
Executives from the electric vehicle maker are said to have discussed the incentives on offer to them with Indian government officials
The new rules, set to come into force in July, have been described as “one of the most stringent emission standards around the world"
The move comes as New Delhi doubles down on PM Modi's "Make in India" campaign with Tesla only last year abandoning its India plans over tariffs
The JV, which started producing Acura cars in China six years ago, only sold 6,554 of them in the world’s biggest auto market in 2021, down 45% from 2020
The possible move by the French carmaker points to the growing perception of the auto market in India, which posted the fastest growth of any major market in 2022
EV and hybrid carmaker BYD, which only began making vehicles in 2003, is on target to top the monthly sales chart in China for the first time
The region’s major markets were weighed down by worries over China’s Covid fight and bad news on Japan inflation despite optimism on US rate hikes
Big Chinese, South Korean and Japanese firms are seen as more likely to follow through than local startups, as they have contracts with global carmakers and experience building large factories
As China's automakers close the gap with foreign automakers we are likely to see more joint ventures collapse in the coming years, Urban Science managing director Chee-Kiang Lim said
Toyota now plans to outlay $3.9 billion on an EV battery plant in North Carolina, it said on Wednesday, partly because of rising consumer demand.
CATL said the construction of the $7.6 billion plant in Hungary, to supply Mercedes, BMW and VW, will be its biggest overseas investment