What's Going On With Tesla Stock?

Tesla Inc TSLA shares are in the spotlight Monday. New reports indicate that India is mulling tax cuts for EV imports.

What To Know: According to a Bloomberg report, India is considering implementing tax cuts on imports of completely-built EV units for up to five years in an effort to entice Tesla to sell cars in India and ultimately build a manufacturing facility there. 

People familiar with the matter reportedly said that the Indian government is putting together new policy that would allow EV makers to import vehicles on concessional duty rates if the automakers commit to eventually building the vehicles in India. 

The report indicates that Tesla CEO Elon Musk is expected to meet up with Indian trade minister Piyush Goyal later this week to discuss Tesla's plans to build a factory in India. 

EVs represented just 1.3% of all vehicles sold in India last year, but demand for EVs in India is reportedly on the rise among the country's middle class. 

Separate reports also indicate that British petrol station operator EG Group announced on Monday that it plans to buy Tesla charging units to help boost its EV charging network across Europe. The chargers are expected to be accessible by owners of any EV brand. 

Over the weekend, Musk also announced that customers will be able to test version 12 of Tesla's full self-driving (FSD) software in about two weeks. 

See Also: EG Group Partners With Tesla For Major EV Charging Expansion In Europe

TSLA Price Action: Tesla shares were down 1.23% at $212.19 at the time of publication, according to Benzinga Pro.

Photo: courtesy of Tesla.