Reuters
India raises tax on imported cars, motorbikes, including EVs
India on Wednesday said it will raise taxes on imported cars and motorbikes, including electric vehicles (EVs), as it seeks to boost local manufacturing in line with Prime Minister Narendra Modi’s “Make in India” campaign ahead of elections in 2024. All vehicles with a landed cost of less than $40,000 will be taxed at 70%, up from 60% earlier, a move analysts say could impact demand. The landed cost includes the vehicle’s price tag plus insurance and freight costs.