Tesla seeks relief on import duties until factory is built in India
The Dollar Business Bureau American electric car maker Tesla Inc is in talks with the Government of India for seeking relief in import duties till the company builds a local factory in the country, according to Chief Executive Elon Musk. Musk had stated earlier, this year, hoping that Tesla’s products would enter Indian market this summer, which so far has not materialised. “In discussion with the government of India requesting temporary relief from import penalties/restrictions until a local factory is built,” Musk said in a tweet. Currently, there is 60% customs duty in India on the imports of fully-built electric cars, which are priced below $40,000. If the car is assembled in the country, the customs duty is just 10% on completely knocked down ...
US moves out from Paris climate pact; business leaders condemn the move
The Dollar Business Bureau True to his promise President Donald Trump decided to withdraw United States from the Paris Accord 2015 global agreement, a step that attracted condemnation from its allies, business leaders and world over. During his election campaign, Trump had promised to take US out of the landmark agreement to fight climate change in his initial 100 days as President. Though not all he had promised in his campaign has sailed smoothly, this one has shown some signs of hesitation. Finally, not in the promised time line, but after 132, he did it. However, Trump was open to another option open to discuss a new deal which, in his view, is "fair" to the interests of America. “In order to fulfill my solemn duty ...
Mahindra & Mahindra to enter electric car segment
The Dollar Business Bureau Mahindra & Mahindra, jointly with its South Korean subsidiary SsangYong Motor, has announced its plans to develop a production platform for an electric Sport Utility Vehicle (SUV) by 2020. Lack of public charging infrastructure in both India and South Korea is one of the many bottlenecks in the mass-adoption of electric cars, which is inevitably going to be the future of automotive companies. The move towards clean-fuel vehicles is slow but palpable across the global auto industry. Government subsidies for clean-fuel technologies has also incentivised growth in the electric vehicle segment. In Mumbai, CEO of SsangYong, Choi Johng-sik, announced that it was diligently working with it's Indian parent company to roll out a new generation of electric cars. In India, e2o and eVerito (sedan) are two of the electric vehicles manufactured by Mahindra & Mahindra. ...
US tech industry condemns Trump's immigration ban
PTI Silicon Valley's top executives, including India-born CEOs Google's Sundar Pichai and Microsoft's Satya Nadella, condemned President Donald Trump's immigration ban on people from seven Muslim-majority countries, voicing concern that the move could directly hit their own staffers and stop bringing great talent to the US.Executives from Microsoft, Google, Apple, Netflix, Tesla, Facebook, Uber and other top American companies slammed Trump's immigration order that sparked widespread protests across the US.Trump yesterday signed a sweeping executive order to suspend the arrival of refugees and impose tough new controls on travellers from Iran, Iraq, Libya, Somalia, Syria and Yemen, as part of new measures to "keep radical Islamic terrorists" out of America.Condemning the move, Nadella, in a post on LinkedIn, said "As an ...
Innovation, tech to be focus of PM's visit to Silicon Valley
Source: PTI Innovation, entrepreneurship, technology and renewable energy would be the focus of Prime Minister Narendra Modi during his visit to Silicon Valley over the weekend where he will meet CEOs of top American companies like Apple, Microsoft, Google and Tesla. On the first day of his arrival in Silicon Valley on September 26, Modi would visit the campus of iconic Tesla where he would be welcomed by its CEO Elon Musk. Modi would have a look at some of their path breaking inventions, particularly in the renewable energy sector. “One of the important interests in Tesla is in battery technology because it has implications on in terms of storage and renewable energy,” Indian Ambassador Arun K Singh said. Later, Modi would ...
