The US government wants India to remove or significantly reduce tariffs on imported cars as part of a possible trade agreement, paving the path for Tesla (TSLA) to enter the market, Reuters reported Thursday, citing sources with knowledge of the matter.
India, which currently imposes tariffs as high as 110% on imported cars, is reportedly considering cutting these duties further, but is cautious about bringing them down to zero.
Tesla paused its Indian market entry plans last year, partly due to the high tariff environment, prompting criticism from CEO Elon Musk and US President Donald Trump, according to Reuters.
India reportedly plans to consult local car industries before deciding on tariff reductions.
US Trade Representative, Indian Ministry of External Affairs, and Tesla did not immediately respond to requests for a comment from MT Newswires.
Tesla shares were down about 6% in recent trading.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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