On June 2, the Indian government officially unveiled a new policy pertaining to electric vehicles. This policy outlines that eligible companies can import electric vehicles priced at or below USD 35,000, benefiting from a preferential tariff rate of 15% for a period of five years. To qualify, these companies must invest USD 486 million in electric vehicle manufacturing within India and ensure that their annual import volume does not surpass 8,000 vehicles. Furthermore, the policy mandates that companies achieve 25% localization of vehicle production within three years, escalating to 50% within five years. Similarly, electric vehicle manufacturers must attain a 25% local parts ratio within three years, rising to 50% within five years. The government will solely consider investments in infrastructure, machinery and equipment, scientific research, and charging networks that fall within specified categories.