Tesla gains opening as India slashes tariffs on certain EVs

BENGALURU -- The Indian government on Friday announced lower import tariffs on electric vehicles for carmakers willing to eventually begin local production, a move that could attract global companies like Tesla but intensify competition for incumbents like Tata Motors and the Mahindra group.

Companies will pay a 15% customs duty on EVs costing $35,000 or more, with the government saying the incentive will "promote India as a manufacturing destination so that e-vehicles ... with the latest technology can be manufactured in the country." The South Asian nation had levied tariffs of 70% on vehicles costing up to $40,000 and 100% for pricier models.