Reuters sources revealed that Musk’s go to will coincide with a possible announcement concerning Tesla’s funding plans and the opening of a brand new manufacturing facility within the nation.
Tesla (TSLA.O), chief Elon Musk will go to India this month to satisfy Prime Minister Narendra Modi and is anticipated to announce plans to take a position and open a brand new manufacturing facility within the nation, two sources with direct information stated.
The billionaire will meet Modi within the week of April 22 in New Delhi, and can individually make an announcement about his India plans, stated 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, stated the primary supply.
Reuters is first to report particulars of Musk’s deliberate India go to. Modi’s workplace and Tesla didn’t reply to requests for remark. Musk’s ultimate India journey agenda might nonetheless change.
Musk and Modi final met in New York in June, and Tesla for months lobbied India to decrease import taxes on electrical automobiles whereas it weighed up a manufacturing facility there. India final month unveiled a brand new EV coverage decreasing import taxes to fifteen% from 100% on some fashions if a producer invests a minimum of $500 million and units up a manufacturing facility too.
Reuters has beforehand reported that Tesla officers are anticipated to go to India this month to take a look at websites for a producing plant that might require an funding of about $2 billion.
Tesla has additionally begun manufacturing of right-hand drive vehicles at its German plant for export to India later this 12 months, sources have stated.
Musk stated 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 automobiles in India”.
Tesla’s push into India comes as slowing EV demand in its predominant U.S. 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 (TAMO.NS),. EVs made up simply 2% of whole automotive gross sales in 2023. The federal government is focusing on 30% by 2030.
(This story has not been edited by DNA employees and is revealed from Reuters)
