tech2 news staffJuly 28, 2021 08:39:42 IST
Hyundai Motor Co., Ltd., a major Korean automaker, is very beneficial because the reduction in tariffs on electric vehicles imported into the country will help automakers take advantage of the coveted amount and reach a viable scale. He said it could prove to be. The automaker supported the demand of Tesla, an American EV maker seeking a temporary reduction in tariffs on imported EVs. Hyundai said government support for taxation and building a national charging infrastructure is two of the most important factors supporting the growth of India’s EV segment.
“I’ve heard that Tesla wants to reduce tariffs on CBU imports, which will help OEMs reach economies of scale in this highly price-competitive segment,” said Hyundai Motor India MD. CEO SS Kim told reporters. .. He added that EV imports could help create markets domestically until companies can localize EV components and other infrastructure.
“It will take time for EEM to localize EVs 100%. We are developing an affordable mass market EV made in India, but at the same time, if the government allows us to reduce tariffs on imported CBUs, I It’s very useful for all of us. It creates some market demand and reaches some scale. “
Currently, vehicles imported as fully assembled units (CBUs) are 60% to 100%, depending on engine size and cost, insurance and freight (CIF) values below US $ 40,000. Attracts range tariffs.
Tesla CEO Elon Musk said last week May establish manufacturing department in India If it is the first successful imported car in the country. However, he now states that India’s import tariffs are “the highest in the world” and wants “at least temporary tariff relief for electric vehicles.”
Kim said the domestic market is ready for electric motorcycles and tricycles, but it may take some time for four-wheeled vehicles to gain a foothold. “We need more government support for taxes and incentives. Experience in various global markets such as South Korea, China and some European countries still leaves us with concerns about infrastructure billing in India. You can see, and EV pricing. ” Range anxiety is a very serious problem from the customer’s point of view, he said.
Kim said the government could also provide subsidies under the FAME scheme to individual customers to make EVs affordable. He added that with government support, the industry can reach some scale in two years. “It would be great if individual customers also had meaningful support. Tax cuts are also a big benefit to our customers. If there is demand and the market begins to grow, I think it will happen in two years. In terms of scale. You can reach a meaningful point and manage from that point, “says Kim. “Up to that point, we need government support, which is very important for this segment,” he added.
The company said it could take some steps to develop charging infrastructure in the country, but on a very limited scale. “More investment in charging infrastructure from the government, as well as tariff reductions, is important for the future of the country’s EV market. Customers are most concerned about the range and charging options. In this regard, I We need very strong support from the government. “
“The Hyundai Ioniq is a good-looking, high-performance car. We are looking at the feasibility of the model. The market and customers want it,” Kim said of the outlook for the Ioniq EV in India. If so, that. “The company currently sells only Kona Electric SUVs in the country. It is said to be working on a locally developed EV that is far more affordable than Kona Electric.
With input from PTI
Hyundai supports Tesla’s appeal for temporary reductions in import tariffs on electric vehicles in India-Technology News, Firstpost
Source link Hyundai supports Tesla’s appeal for temporary reductions in import tariffs on electric vehicles in India-Technology News, Firstpost