India to slash tariffs on high-end EU cars from 110% to 30% in boost for luxury carmakers
India has made a significant move to enhance its luxury car market by reducing import tariffs on high-end European vehicles from 110% to 30% under a new trade agreement with the EU. This change allows luxury brands like BMW and Mercedes-Benz to enter the market more easily, with phased reductions also planned for electric vehicles. The deal will see tariffs on cars priced above €15,000 gradually decrease to 10% over time, while specific categories will have annual import limits. As more Indians develop a taste for luxury, this tariff reduction is expected to stimulate the market, although immediate price cuts may not be forthcoming. Additionally, local electric vehicle manufacturers will remain protected for now, with tariff reductions for EVs set to begin five years after the deal's implementation.
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