India plans to expand EV manufacturing incentives, Reuters says

India plans to expand its incentives for electric vehicles to automakers building models at existing factories in the country instead of limiting the benefits to automakers willing to build new plants, Aditi Shah of Reuters reports, citing a person with direct knowledge of the matter. India’s EV policy is still being finalized but was originally designed to encourage Tesla (TSLA) to enter the market and manufacture locally. Tesla, however, backed from those plans earlier this year. Other foreign automakers have shown interest in making EVs in India at existing and new factories, citing a meeting with India’s ministry of heavy industries. It is hoped the changes to the policy will encourage EV investments from Toyota (TM) and Hyundai (HYMTF). Under the policy, an automaker investing at least $500M to manufacture EVs in India with 50% of the components sourced locally is entitled to a cut on import taxes.