Nitin Gadkari, Union Minister for Road Transport and Highways, has said that in order for any foreign player to qualify for EV subsidy, they must assemble their electric vehicles in India under the Make-in-India campaign
Tesla Inc CEO Elon Musk said that the U.S. Congress should not approve the Biden administration’s bill to boost subsidies for electric vehicles (EVs), saying the proposal would worsen the country’s budget deficit. Interestingly, Elon Musk’s led Tesla has delayed its India launch over lack of subsidy from the Indian government. While Tesla announced its India plans on Twitter few months ago, he has been vocal about why there’s a delay to enter the country despite setting up an office space in Bengaluru.
On multiple occasions, Musk has mentioned they are in touch with Indian govt looking for subsidies for them to enter India. Nitin Gadkari, Union Minister for Road Transport and Highways, on the other hand, has said that in order for any foreign player to qualify for EV subsidy, they must assemble their electric vehicles in India under the Make-in-India campaign.
In the US, the billionaire entrepreneur is escalating criticism about the administration and Democrats for a proposal to give union-made, U.S.-built electric vehicles an additional $4,500 tax incentive. Tesla and foreign automakers do not have unions at their U.S. factories. “Honestly, it might be better if the bill doesn’t pass,” Musk said at the WSJ CEO Council Summit.
“I’m literally saying get rid of all subsidies,” he said, adding that the government should I think just try to get out of the way and not impede progress.” He also reiterated opposition to a proposal by Democrats to tax billionaires.
“It does not make sense to take the job of capital allocation away from people who have demonstrated great skill … and give it to, you know, an entity that has demonstrated very poor skill in capital allocation, which is the government.”
Musk also said his brain-chip startup, Neuralink hopes to begin human trials next year pending approval of the U.S. Food and Drug Administration. “I think we have a chance with Neuralink of being able to restore full body functionality to someone who has a spinal cord injury.”
