Tesla tumbles in India shutting down electric cars imported from Giga Shanghai Factory.
Tesla Stock(TSLA) fall down this morning, this thing affected India shut down the concept of Tesla import cars from Giga Shnaghua Factory.
India has the largest auto market, As per the investindia gov report India’s annual production in FY 2021 was 22.7 Mn vehicles and 13 million vehicles from April to October 2021, including Maruti Suzuki, which holds 49.98% of the market share in India’s car and has a record to sold 1.6Lakh units in the year 2017-18, this is the reason why all company wants to enter in the Indian market, Tesla is one of them.
Last year, Elon Musk announced that we are launching Tesla Vehicles in Indian Market soon, but due to high import duty he was unable to set up an electric car plant in India.
The government of India said that they are considering Tesla’s proposal to reduce import duty on electric cars, this thing become a hurdle for tesla to enter in Indian auto market.