Tata Motors CFO: India's EV policy not suited for JLR

2 Aug 2024 , 09:04 AM

Tata Motors said on Thursday that Jaguar Land Rover has no intentions to take advantage of India’s new electric car policy, which provides import duty rebates to corporations that set up manufacturing operations in the nation, because it is not appropriate for the company.

In March of this year, the government announced a new electric vehicle policy to attract major global players such as Tesla, allowing them to import a limited number of cars at a 15% lower customs/import duty on vehicles costing USD 35,000 or more for a period of five years from the date of the government’s approval letter.

“At this time, that specific policy is not appropriate for us.” So, we don’t intend to use it at this moment,” Tata Motors Group CFO PB Balaji said at the earnings conference.

He was responding to a question on whether Jaguar Land Rover (JLR) intends to take advantage of India’s new EV policy with an eye towards eventual mass manufacturing of electric vehicles in the country.

Balaji stated that JLR’s company in India is currently “on a very good wicket, growing very strongly”.

JLR’s wholesale volumes increased by 5% year on year to 98,000 thousand units during the quarter, while retail sales increased by 9% year on year to 1.11 lakh units between April and June, according to the business.

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