BUENOS AIRES, Jan 28 (Reuters) - Argentina is set to eliminate import tariffs on certain low-cost electric and hybrid vehicles next week, while reducing taxes on higher-end cars and motorcycles, according to the country's economy minister.
Economy Minister Luis Caputo revealed that up to 50,000 imports of low-cost EVs and hybrids will be tariff-free annually.
Moreover, vehicles priced between 41 million pesos ($39,047) and 75 million pesos ($71,428) in the local market will be exempt from taxes, while cars exceeding 75 million pesos will see tax rates drop from 35% to 18%, Caputo added.
Additionally, motorcycles valued between 15 million pesos and 23 million pesos will also be exempt from taxes, Caputo announced.
(Note: $1 = 1,050.0000 Argentine pesos)