Latest news with #SPMEPCI
Time of India
16 hours ago
- Automotive
- Time of India
SPMEPCI scheme to attract new global EV players to India: Mercedes-Benz India
The Scheme to Promote Manufacturing of Electric Passenger Cars in India (SPMEPCI) will serve as a major catalyst for new foreign automakers to enter the Indian EV market, said Santosh Iyer, CEO and Managing Director of Mercedes-Benz India , on Friday. Speaking to PTI after unveiling two high-performance sportscars — the AMG GT 63 4MATIC+ and the AMG GT 63 PRO 4MATIC+ Coupe — Iyer welcomed the scheme, calling it a 'forward-looking initiative' by the Ministry of Heavy Industries . The two cars are priced at ₹3 crore and ₹3.65 crore (ex-showroom, India), respectively. 'The scheme is primarily designed for new entrants. We've been in India for three decades and have already invested ₹3,000 crore in our Chakan plant near Pune. We're producing two EVs locally even before the scheme was announced,' Iyer told PTI. 'For us, it's business as usual, but SPMEPCI will encourage new players to enter and invest in India's EV journey.' Under the SPMEPCI scheme , automakers committing ₹4,150 crore in local manufacturing will be allowed to import up to 8,000 electric vehicles at a concessional 15% import duty, significantly lower than the existing 70–100per cent. Supply chain challenges Addressing concerns around supply chain challenges and rare earth magnets, Iyer reassured that Mercedes-Benz has faced no disruptions in India so far, crediting its global backend teams for effective management. On the launch of the new AMG models, Iyer said these performance-oriented vehicles reaffirm the brand's commitment to Indian enthusiasts. 'The AMG GT range is a symbol of engineering precision, raw performance, and emotional connect. Indian customers have shown immense appreciation for AMG's high-performance legacy,' he added.
Time of India
a day ago
- Automotive
- Time of India
SPMEPCI scheme to attract foreign players to invest, bring EV portfolio to India: Mercedes-Benz India CEO
Mumbai: The Scheme to Promote Manufacturing of Electric Passenger Cars in India (SPMEPCI) will attract newer foreign players to invest and bring their EV portfolio to the country, Mercedes-Benz India CEO and Managing Director Santosh Iyer said on Friday. Speaking to PTI after unveiling two new sportscar models -- the all AMG GT 63 4MATIC+ and GT 63 PRO 4MATIC+ Coupe -- Iyer also said while demand momentum continues, 2025 is likely to be a year with marginal growth. The two car models are priced at Rs 3 crore and 3.65 crore (both ex-showroom All India), respectively, the company said. "I think it's a great scheme and a great initiative by the Ministry for Heavy Industries (MHI) to really come up with such a forward-looking scheme. But this scheme is primarily for new entrants who have not come into India," Iyer said. Under the Scheme to Promote Manufacturing of Electric Passenger Cars in India (SPMEPCI), automakers will be permitted to import up to 8,000 EVs at a reduced duty rate of 15 per cent compared to the current 70-100 per cent, provided they commit to investing Rs 4,150 crore in local EV manufacturing . Live Events "We have been in India for the last 30 years. We have already invested Rs 3,000 crore in the (Chakan near Pune) plant. And today, we are already producing two car models locally at this plant (much before the announcement of the scheme). So, I think, for us, it's business as usual. "But I think this scheme will surely attract newer players, who are not yet in India, to invest and come with their electric cars," Iyer said. On issues concerning rare earth magnets, he said in today's time, disruptions happen due to geopolitical issues or supply chain issues, but the company's colleagues involved in the backend are able to manage it quite well. "As of now, we have no disruption in India because of any of these issues," Iyer asserted. He said that the launch of AMG GT 63 4MATIC+ and the track-oriented GT 63 PRO 4MATIC+ represents Mercedes-Benz's strong commitment to India's growing community of performance motoring enthusiasts . These vehicles embody the pure essence of AMG with uncompromising performance, precision engineering, and an emotional connect that only a hand-built AMG engine can deliver, he said. "Indian customers have shown tremendous appreciation for Mercedes-AMG's high-performance vehicles, and the AMG GT range caters to this passion with technology and uncompromising performance, representing the pinnacle of automotive engineering," Iyer stated. PTI
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Business Standard
3 days ago
- Automotive
- Business Standard
India opens new application window to invite global EV manufacturers
In a push to promote electric vehicle manufacturing in India, a new portal has been launched for the application process under the Scheme to Promote Manufacturing of Electric Passenger Cars in India (SPMEPCI). The initiative, unveiled by Union Heavy Industries Minister H D Kumaraswamy, invites global electric vehicle (EV) manufacturers to invest and set up local production units. 'The launch of this portal under the SPMEPCI scheme opens new avenues for global electric vehicle manufacturers to invest in India's rapidly evolving automotive landscape,' Kumaraswamy said. Investment from international EV makers can position India as a leading manufacturing hub for electric vehicles. 'This scheme not only supports our national commitment to achieving Net Zero by 2070, but also reinforces our resolve to build a sustainable, innovation-driven economy. It strengthens the pillars of 'Make in India' and 'Aatmanirbhar Bharat', and positions India as a trusted global hub for next-generation automotive manufacturing and technology leadership,' the minister said. Reliefs linked to investment pledge under SPMEPCI Approved applicants will be allowed to import Completely Built Units (CBUs) of electric four-wheelers (e-4Ws). The imported CBUs must have a minimum CIF (Cost, Insurance, and Freight) value of $35,000. These will be subject to a reduced customs duty of 15 per cent. The concessional duty will be applicable for a period of five years from the date of approval. Approved applicants will be required to make a minimum investment of ₹4,150 crore, as per the provisions of the scheme. Tesla stays away, others join in With the minimum investment threshold of ₹4,150 crore, the scheme is expected to encourage top global and Indian companies to set up long-term manufacturing in India. While Tesla Inc has not shown interest in India's scheme to attract global investment in electric vehicle (EV) manufacturing, global automakers such as Mercedes-Benz, Škoda Auto Volkswagen, Hyundai Motor, and Kia Motors are keen to participate, Kumaraswamy said. Embassies tapped to boost EV drive India is reaching out to countries like the US, Germany, Czechoslovakia, and Vietnam, as well as their respective embassies, to attract investment from global automotive companies to manufacture electric vehicles in India. A four-month window will be given for these companies to apply for SPMEPCI. As of now, Tesla has not shown interest in participating in the scheme. 'Ultimately, we will know which global automakers come on board by October 21,' said Kamran Rizvi, secretary of the Ministry of Heavy Industries.
Economic Times
4 days ago
- Business
- Economic Times
Meetings underway to mitigate Rare Earth magnet crisis: Heavy Industries Minister H D Kumaraswamy
Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Popular in Economy India is exploring options to mitigate the crisis due to rare earth magnet supply disruptions, Union Heavy Industries Minister H D Kumaraswamy said Tuesday.'We are working on it (addressing the rare earth magnet crisis ). Midwest , a Hyderabad based company, has shown interest. They are targeting 500 tonne rare earth magnet production by this year end, aiming for 5000 tonne production in the next,' Kumaraswamy told journalists the sidelines, officials said an incentive scheme for rare earth magnets is likely to subsidise processing units. India's own rare earth magnet production is also anticipated in the coming two automobile players had red-flagged curbs on supplies of rare earth derived permanent to queries on the current situation, a senior official said, 'As of today, things look better. Nobody has come back to us saying I am halting production.'His comments follow meetings of Chinese Foreign minister, Wang Yi with India's National Security Advisor, Ajit a statement, a Spokesperson of China's Foreign Affairs Ministry said, 'China and India should adhere to the important consensus that both sides are opportunities for each other's development, pose no threat to one another, and are partners rather than rivals.'Officials said Indian companies can also import fully assembled components from China with no restrictions. 'Existing government incentive schemes such as those for auto component and electric vehicle manufacturing already have exemptions for allowing these imports,' the official importing minerals, India is also preparing to incentivise domestic processing of rare earth supply chains. Explaining the need for incentives, the official said, 'There is a hardly 5% difference in the prices of rare earth oxides and rare earth magnets…China wants to maintain its monopoly by keeping the price of magnets very low.'According to official estimates, public sector undertaking IREL (India) can supply enough rare earths to make 1500 tonnes of magnets.'Converting these rare earths to magnets will take two years,' the official also launched the application process for Scheme to Promote Manufacturing of Electric Passenger Cars in India (SPMEPCI). This scheme offers lower duties for import of high-end electric cars if automobile majors invest in on how participation is being drawn towards SPMEPCI, the official said, 'We are writing to embassies of countries which have established automotive industries, encouraging them to participate in the scheme.'Invitations will be extended to Vietnam, Germany, Czech Republic, United Kingdom, and United States of America, the official added.
Time of India
4 days ago
- Automotive
- Time of India
Kumaraswamy launches portal to boost EV manufacturing, says will open up new investment avenues, ET Manufacturing
Advt Advt Advt By , ETManufacturing The Ministry of Heavy Industries (MHI) Tuesday launched a web portal to facilitate new applications for the Scheme to Promote Manufacturing of Electric Passenger Cars in India ( SPMEPCI ), as a part of ease of doing March 2024, the government launched the scheme in a bid to promote domestic manufacturing of passenger cars, with a special focus on electric vehicles (EV). The Centre aims to establish India as a "preferred automotive manufacturing and innovation destination" worldwide.'The initiative marks a defining moment in India's journey towards clean, self-reliant, and future-ready mobility," HD Kumaraswamy , Union Minister for Heavy Industries said, adding that the new portal under the SPMEPCI scheme opens new avenues for global electric vehicle manufacturers to invest in India's rapidly evolving automotive landscape.'This scheme not only supports our national commitment to achieving net zero by 2070, but also reinforces our resolve to build a sustainable, innovation-driven strengthens the pillars of 'Make in India' and ' Aatmanirbhar Bharat ', and positions India as a trusted global hub for next-generation automotive manufacturing and technology leadership.'Earlier, at the 26th Conference of Parties (COP-26) in Glasgow, Prime Minister Narendra Modi said that India would achieve net-zero emissions by 2070, and added that the country would raise its non-fossil energy capacity to 500 GW by 2030 while meeting 50 per cent of its energy demand through scheme is likely to attract investments from EV manufacturers worldwide and promote India as a manufacturing destination for e-vehicles, according to the ministry's statement. "It will also help put India on the global map for manufacturing of EVs, generate employment and achieve the goal of Make in India,' it encourage the global manufacturers to invest under the program, the approved applicants will be allowed to import completely built-in units (CBU) of e-4W with a minimum cost, insurance and freight (CIF) value of $35,000 at reduced customs duty of 15% for a period of 5 selected applicants would be required to make a minimum investment of ₹4,150 crores as per the policy a mandate of domestic value addition, the initiative is set to further boost the country's 'Make in India' and 'Aatmanirbhar Bharat' ambitions, facilitating both - global and domestic companies in line with India's green mobility MHI opened an application window for potential applicants under the scheme who can apply through the online module, and the portal would be open for applications from 24th June 2025 to 21st October 2025.
