LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » Companies News

No local sourcing norms for Tesla cars in India, Elon Musk

Elon Musk CEO of electric car maker Tesla in a tweet blamed the FDI norms in India for the delay in its entry into the Indian market. However, the government clarified that it does not have any such regulation regarding automobile companies.

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
No local sourcing norms for Tesla cars in India, Elon Musk
Union Road Transport and Shipping Minister Nitin Gadkari visiting the Tesla electric car manufacturing unit, in San Francisco on July 15, 2016. Photo: IANS
Written By: Collin Furtado
Updated: Tue, May 23, 2017
03:58 pm
Mumbai, ZeeBiz WebDesk
RELATED NEWS
Tesla's Elon Musk tells disgruntled shareholders to buy Ford shares Tesla's Elon Musk tells disgruntled shareholders to buy Ford shares
Tesla to raise about $1.15 billion in stock, notes; Musk to buy shares Tesla to raise about $1.15 billion in stock, notes; Musk to buy shares
Tesla edges out GM to become most valuable US carmaker Tesla edges out GM to become most valuable US carmaker
Elon Musk's Tesla Motors all set to make its India debut Elon Musk's Tesla Motors all set to make its India debut
Elon Musk unveils his outlandish plan to put people on Mars Elon Musk unveils his outlandish plan to put people on Mars
Key highlights:
  • Elon Musk tweeted saying 30% parts must be locally sourced
  • Make in India clarified no local sourcing norms for automobile manufactures
  • Local sourcing norms only for retail trading of goods

It seems that Tesla's CEO Elon Musk is misinformed regarding the launch of the Tesla's electric cars in India. 

Prime Minister Narendra Modi's project Make in India on Tuesday in reply to Musk's tweet said the Foreign Direct Investment (FDI) does not mandate any local sourcing norms of components by manufacturers.

.@elonmusk With respect to news reports on launch plans of Tesla in India being delayed, please note some key clarifications#MakeInIndia pic.twitter.com/9RFICGM9Kk

— Make in India (@makeinindia) May 23, 2017

Musk on Monday, in response to a tweet asking if there was a chance for Tesla to launch in India in 2017 or 2018 said, “Maybe I'm misinformed, but I was told that 30% of parts must be locally sourced and the supply doesn't yet exist in India to support that.”

@TheAvinashSingh Maybe I'm misinformed, but I was told that 30% of parts must be locally sourced and the supply doesn't yet exist in India to support that.

— Elon Musk (@elonmusk) May 22, 2017

FDI policy in India does not mandate any such minimum sourcing norms of components by manufacturers.

It further said, “After manufacturing in India, a foreign investor is permitted to sell in any manner: wholesale, retail including e-commerce.”

The account further said that the FDI policy also permits wholesale of imported goods in India without sourcing conditions. “It is only for retail trading of goods, that sourcing conditions are mandated. Conditions not applicable to manufacturers as goods are manufactured in India,” it clarified.

Several automobile manufactures in India import either the whole car or in parts and assemble it here without sourcing any of the parts from India. These include many luxury car makers and even sedans or SUVs.

India imports around 27% of automobile parts from Europe, followed by China with 21% of automobile imports, according to a Business Standard report.

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
TeslaTesla carsTesla cars in IndiaElon Musklocal sourcing normsAutomobile sectorForeign Direct InvestmentFDIMake in IndiaAuto
RELATED NEWS
Tesla's Elon Musk tells disgruntled shareholders to buy Ford shares Tesla's Elon Musk tells disgruntled shareholders to buy Ford shares
Tesla to raise about $1.15 billion in stock, notes; Musk to buy shares Tesla to raise about $1.15 billion in stock, notes; Musk to buy shares
Tesla edges out GM to become most valuable US carmaker Tesla edges out GM to become most valuable US carmaker
Elon Musk's Tesla Motors all set to make its India debut Elon Musk's Tesla Motors all set to make its India debut
Elon Musk unveils his outlandish plan to put people on Mars Elon Musk unveils his outlandish plan to put people on Mars

LATEST NEWS

Expert says BUY SBI stock, price target Rs 430, stop-loss Rs 310

ICSE ISC Board Exam CANCELLED 2021: Attention CISCE class 10 class 12 candidates! ICSE class 10 board exam CANCELLED, ISC class 12 board exam POSTPONED

Delhi Lockdown - Check who is allowed, who is not during a week-long lockdown in Delhi

SSC CHSL Exam 2021 Postponed; Check when fresh dates will be announced

Apex Legends Mobile Beta update: Officially announced; check Pre-Registration link, India availability, more details about the Apex Legends Mobile Launch NOW

Punjab Educational Institutions News: All educational institutions and coaching centres in the state closed till April 30, night curfew returns - check timings and other COVID guidelines

UPSC EPFO, Civil Services Interview examinations postponed amid surge in covid cases

CBSE Board Exams 2021 Latest News: Class 10 students MUST NOT MISS this LATEST UPDATE on marking scheme - check all details here

SIP STOCK: Anil Singhvi picks Orient Cement, says investors must make it part of their portfolio

Covid-19 vaccine registration step-by-step guide: How those above 18 years can register themselves on CoWIN official website cowin.gov.in

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved