Tesla chief Elon Musk will go to India this month to satisfy Prime Minister Narendra Modi and is anticipated to make an announcement on plans to speculate and open a brand new manufacturing unit within the nation, two sources with direct data mentioned.
The billionaire will meet PM Modi within the week of April 22 in New Delhi, and can individually make an announcement about his India plans, mentioned the 2 sources, who declined to be named because the journey particulars are confidential.
The Tesla CEO might be accompanied by different executives throughout his go to, mentioned the primary supply.
Reuters is first to report particulars of Musk’s deliberate India go to. PM Modi’s workplace and Tesla didn’t reply to requests for remark. Musk’s closing India journey agenda might nonetheless change.
Musk and PM Modi final met in New York in June, and Tesla for months lobbied India to decrease import taxes on electrical autos whereas it weighed up a manufacturing unit there. India final month unveiled a brand new EV coverage decreasing import taxes to fifteen p.c from 100% on some fashions if a producer invests not less than $500 million (roughly Rs. 4,168 crore) and units up a manufacturing unit too.
Reuters has beforehand reported that Tesla officers are anticipated to go to India this month to have a look at websites for a producing plant that may require an funding of about $2 billion (roughly Rs. 16,674 crore).
Tesla has additionally begun manufacturing of right-hand drive vehicles at its German plant for export to India later this 12 months, sources have mentioned.
Musk mentioned this week on X that “India ought to have electrical vehicles like each different nation has electrical vehicles. It is a pure development to supply Tesla electrical autos in India”.
Tesla’s push into India comes as slowing EV demand in its fundamental US and Chinese language markets coincides with intensifying competitors from Chinese language automakers. Tesla reported a drop in first-quarter deliveries that missed analyst estimates.
India’s EV market is small however rising and dominated by native carmaker Tata Motors. EVs made up simply 2 p.c of complete automobile gross sales in 2023. The federal government is concentrating on 30 p.c by 2030.
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