April 11, 2024
The move may bolster the electoral prospects of the ruling BJP, which has been actively encouraging global corporations to invest in India
Tesla might announce its first manufacturing plant in India, with a likely meeting with Prime Minister Modi on April 22 in Delhi
Tesla plans to manufacture entry-level cars in India, priced around INR 25 lakh, with an annual capacity of 5 lakh units
Musk is also expected to share more details about the company's plans for the Indian market
Tesla’s Elon Musk is set to come to India to meet PM Narendra Modi and announce a much-awaited plan to make Tesla electric cars in the country. The widely-speculated move was announced by Musk on X (earlier Twitter).
According to experts, the timing of Musk’s visit, during the General Elections in the country, could enhance the government’s image in attracting significant investments. It might also bolster the electoral prospects of the ruling BJP, which has been actively encouraging global corporations to invest in India. Sources suggest that during Musk’s visit, Tesla might announce its first manufacturing plant in India, with a likely meeting with Prime Minister Modi on April 22 in Delhi.
Initially, Tesla plans to manufacture entry-level cars in India, priced around INR 25 lakh, with an annual capacity of 5 lakh units. This move is in line with India’s new EV policy, which offers incentives for local manufacturing and encourages significant domestic value addition (DVA) in vehicle production.
Apart from announcing Tesla’s entry into India, Musk is also expected to share more details about the company’s plans for the Indian market, although the final itinerary for his trip is yet to be confirmed.
Source: Times of India