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Porsche Bets Rich Indians Will Pay to Show Off Electric Cars

  • A $370,000 electric Porsche no deterrent for ultra-rich
  • Elon Musk has so far ignored the market due to high duties
Porsche Taycan Turbo S
Porsche Taycan Turbo SSource: Porsche

Porsche plans to start selling its electric Taycan model in India next year, in a bet that ultra-rich Indians are willing to splash out as much as $370,000 on an electric car to boost their street cred.

Local duties in India make imported luxury cars about 2.5 times more expensive than what they cost in Europe -- a reason cited by Elon Musk for ignoring the market so far -- but that’s no deterrent for prospective buyers, accordion to Pavan Shetty, director at Porsche India.