The EV board agreed in principle to a 3-tier excise structure: makers with high local production and Local Content pay the lowest rate, firms that assemble and invest partly sit in the middle, and pure importers pay the highest. Importers-only groups will be targeted first. No new rates have been set; the Finance Ministry and private sector will settle rates and a grace period. Current EV import excise is about 10%, and the new import-only rate must be higher. Local Content may also be redefined to weight engines and motors. If you import EVs or parts, or plan to sell them, start reviewing your sourcing and investment options now.