Volkswagen India unit faces $1.4 billion tax evasion notice

India has issued a notice to Volkswagen for allegedly evading $1.4 billion in taxes by underpaying import tax on components for its Audi, VW, and Skoda cars, causing a 2.13% drop in Volkswagen shares. The potential liability of $2.8 billion with penalties could impact VW’s India business, which is planning a $1.8 billion investment in EVs and hybrids in Maharashtra amidst disputes with its labour in Germany and competition from Chinese automakers in Europe.

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