OLA Cabs CEO Bhavish Aggarwal hits on Elon Musk over EV Duty reduction. Aggarwal’s remark went viral on the micro-blogging platform Twitter amid rumors that Elon Musk’s Tesla Inc has asked for a lower duty on imported EVs.
Tesla’s appeal for a duty reduction on imported electric vehicles sparked CEOs of other enterprises to respond.
Bhavish Aggarwal, CEO, Ola Cab, remarked that he is resistant to the government dropping import duties on electric vehicles. He said on Twitter, ‘’I totally disagree with both of them. Let’s have some faith, we have to keep optimism in our competence to build locally while also attracting global OEMs to produce in India rather than only import. We will not be the only country to do so”.
Strongly disagree with both. Let’s have confidence in our ability to build indigenously and also attract global OEMs to build in India, not just import. We won’t be the first country to do so! https://t.co/n6k7ShYeJX
— Bhavish Aggarwal (@bhash) July 27, 2021
Elon Musk Proposes To Initiate Sales in India
Tesla formulated a local business in India in January and has now enhanced local personnel while also seeking showroom facilities.
According to sources, Elon Musk’s Tesla Inc, which proposes to initiate sales in India this year, has presumably written to Indian ministries requesting a 40% decline in import tariffs on electric vehicles (EVs), asserting that the decision would enhance demand and produce earnings for the government.
Agrawal Stated India Must Have Conviction in its own Skills
SS Kims, Managing director of Hyundai India, in an interview with Autocar India, joined his voice in support for Tesla on the duty-cut matter. He stated, “Relatively low duties will facilitate the EV market’s growth.”
In response to the two industry giants, Aggarwal stated that India must have conviction in its own competence to produce EVs in-house. Bhavish Aggarwal remarked that he is resistant to the government dropping import duties on electric vehicles.
Ola Electrical is the Hottest Arrival in EV Industry
Ola Electrical is the hottest new arrival into the EV industry. The e-scooters pre-launch drew nearly 100,000 bookings in 24 hours. The business’s first offering went on sale to the whole public two weeks ago for a token amount of only rupees 499.
The latest battery scooter is believed to include segment-leading attributes like app-based keyless entrance, the largest boot space, and a section leading range. The Ola Electric scooter is predicted to cost between Rs 1.2 lakh and Rs 1.4 lakh (ex-showroom) and will combat with the Bajaj Chetak, Ather 450x, and TVS iQube.
EV Industry in India is Predicted to be Rs.50,000-Cr
If the government drops the import duty on EVs, it is probably to open the hatches and create the way for a slew of fresh arrivals in the high end of the market. Deluxe manufacturers such as Mercedes-Benz India, Audi India, and Jaguar Land Rover have unveiled EVs in India. Hyundai offers the Kona electric, whereas MG sells the ZVS.
According to a financial analyst firm’s report, the electric vehicle (EV) industry in India is predicted to be a Rs 50,000-crore prospect by 2025, with two- and three-wheelers estimated to propel increasing electrification of cars in the mid-term.
India’s Transport Minister Nitin Gadkari’s Take on EV Vehicle Manufacturing
In March, India’s transport minister, Nitin Gadkari, said, India would be open to offering rewards to assure Tesla’s production cost in India is cheaper than that in China, but only when it produces domestically.
Identical initiatives by other car manufactures in India in the past have encountered substantial opposition from domestic competitors, and so have had less progress in compelling the government to reduce import tariffs.