AutomotiveBusiness & Finance
29 November 2024, 1:56 am 1 minute
Reuters was first to report that India has issued a notice to German automaker Volkswagen for allegedly evading $1.4 billion in taxes by “wilfully” paying lesser import tax on components for its Audi, VW and Skoda cars. Volkswagen shares fell as much as 2.13% on the Frankfurt stock exchange after the Reuters report.
Why it matters
News about the potential liability, which could be as high as $2.8 billion with penalties, could strain VW’s India business. The company is a small player in India but has plans to invest $1.8 billion to build EVs and hybrids in Maharashtra. The Wolfsburg-based carmaker is also locked in an escalating dispute with its labour in Germany over plant closures and layoffs while Chinese competitors are attacking Europe’s established carmakers on their home turf.
Article Tags
Topics of Interest: AutomotiveBusiness & Finance
Type: Reuters Best
Sectors: Business & Finance
Regions: Asia
Countries: India
Win Types: Speed
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Significant National Story
+ There are no comments
Add yours