Tesla places electric vehicle plans for India on hold
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Tesla (NASDAQ:TSLA) has reportedly placed on hold its plans to sell electric cars in India in a development that was not entirely unexpected.
Reuters reporter Aditi Shah said the electric vehicle maker abandoned a search for showroom space and reassigned parts of the India team after failing to secure lower import taxes from the government.

In the background, Tesla (TSLA) has been pushing the government in India for more than a year to be allowed to sell electric vehicles locally imported from production hubs in the United States and China at lower tariffs.
The Indian government has been steadfast in its demand that Tesla commit to building a local manufacturing hub before it would drop the high tariff rate.
Tesla (TSLA) has not officially commented on its plans for India, where it was recently still looking for real estate options in New Delhi, Mumbai and Bengaluru to build service centers and dealer showrooms.
Shares of Tesla (TSLA) moved up 6.85% in premarket trading on Friday to $777.84 with Elon Musk reported to be looking to avoid using a TSLA margin loan to buy Twitter.

Sector watch: Ford gave up on its plan to build electric vehicles in India earlier in the week.