New Delhi: The Ministry of Heavy Industries is preparing new guidelines for an electric vehicle (EV) policy aimed at attracting global automakers like Tesla. Companies such as Vietnam's Vinfast will need to meet these new standards to qualify for incentives under the Scheme to Promote Manufacturing of Electric Passenger Cars in India (SPMEPCI), which was approved on March 15, 2024.

A senior official announced on Monday that the Ministry will hold a second meeting with stakeholders within the next couple of months to discuss the draft guidelines for the new EV policy. Automakers must make new investments according to the updated norms to be eligible for the policy’s benefits; previous investments will not count.

Vinfast, a Vietnamese electric car manufacturer, has been informed of this requirement. In February, Vinfast announced a plan to invest USD 500 million (approximately Rs 4,000 crore) in Tamil Nadu over five years.

In a move to transform India's EV sector, the government approved SPMEPCI on March 15, 2024. The first stakeholder meeting took place in April, with representatives from Tesla’s advisory firm, The Asia Group (TAG), in attendance.

In a bid to attract global automakers and revolutionize India's electric vehicle sector, the government has approved the Scheme to Promote Manufacturing of Electric Passenger Cars in India (SPMEPCI) on March 15, 2024. This initiative is aimed at boosting domestic manufacturing and creating a conducive environment for electric vehicle production in the country. The upcoming second stakeholder meeting is expected to play a crucial role in finalizing the guidelines, which will shape the future of electric vehicle policy in India.

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