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Tesla's team of senior execs meet top govt officials, express 'serious interest' in Indian market: Report

Tesla's team of senior execs meet top govt officials, express 'serious interest' in Indian market: Report

| @indiablooms | 17 May 2023, 11:37 pm

Senior executives from Tesla Inc., the US-based electric car maker, held meetings on Wednesday with officials from the Prime Minister's Office (PMO), Ministry of Road Transport and Highways, and Ministry of Heavy Industries in New Delhi, media reports said.

The Tesla team engaged in a series of meetings with officials from the ministries and expressed "serious interest" in the Indian market as a potential destination for electric vehicles, CNBC TV-18 reported citing a source aware of the matter.

Tesla, which currently has manufacturing facilities in the US, China, and Germany, is exploring the option of establishing an additional manufacturing plant. India is among the potential locations being considered for this expansion, according to sources familiar with the matter.

The company is evaluating one or two countries as potential options for the new facility.

According to a source cited by Reuters, Tesla has reportedly submitted a proposal to establish a factory in India for manufacturing electric vehicles intended for both domestic sales and exports. However, an official confirmation regarding this proposal is still awaited.

During the meetings, the Tesla executives raised concerns with Indian officials regarding "taxation and duties", the key points of contention that had previously derailed talks between New Delhi and the electric vehicle company in 2022, according to the CNBC TV-18 report.

The Tesla executives who visited India and held discussions will have a follow-up meeting with Union Road Transport Minister Nitin Gadkari on May 18, Moneycontrol reported.

In the past, Tesla had requested a reduction in the import duty imposed by the Indian government on electric vehicles.

Currently, Tesla's vehicles, priced above $40,000, are subject to a 100 percent import duty in India, while the more affordable models face a 40 percent duty.

Initially, India declined to lower the duties but expressed interest in the possibility if Tesla were to establish a manufacturing unit and generating employment opportunities within the country.

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