Overview
- Minister of State for Heavy Industries Bhupathiraju Srinivasa Varma told the Lok Sabha on December 2 that no automaker applied before the October 21 deadline for the SPMEPCI.
- Automakers cited uncertainty over the India–EU Free Trade Agreement as the primary reason for holding off on applications.
- Manufacturers also pointed to rare‑earth magnet restrictions that could hinder meeting Domestic Value Addition targets, alongside challenging investment thresholds and timelines.
- The Heavy Industries Ministry said it conducted extensive outreach through Invest India, other ministries, and Indian embassies, and it is not reopening the window or revising concessions at present.
- Scheme terms included a minimum INR 4,150 crore investment, permission to import up to 8,000 EVs annually at 15% duty for five years for CBUs priced at $35,000 or more, and DVA milestones of 25% in three years and 50% in five.