Indian Prime Minister Narendra Modi (R) meets with Elon Musk (L) in New York, United States on June 20, 2023.
Indian Press Info Bureau | Anadolu Company | Getty Photographs
Tesla chief Elon Musk will go to India this month to satisfy Prime Minister Narendra Modi and is predicted to make an announcement on plans to take a position and open a brand new manufacturing unit 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 shall 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 closing 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 autos whereas it weighed up a manufacturing unit there. India final month unveiled a brand new EV coverage decreasing import taxes to fifteen% from 100% on some fashions if a producer invests not less than $500 million 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.
Tesla has additionally begun manufacturing of right-hand drive automobiles at its German plant for export to India later this yr, sources have stated.
Musk stated this week on X that “India ought to have electrical automobiles like each different nation has electrical automobiles. It is a pure development to offer Tesla electrical autos in India”.
Tesla’s push into India comes as slowing EV demand in its major 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. EVs made up simply 2% of whole automotive gross sales in 2023. The federal government is concentrating on 30% by 2030.
