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Tesla Chief Elon Musk to meet PM Modi in Apr; to announce plans for EV manufacturing in India
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Tesla Chief Elon Musk to meet PM Modi in Apr; to announce plans for EV manufacturing in India

| @indiablooms | 10 Apr 2024, 08:33 pm

New Delhi: Tesla's top boss Elon Musk will visit India this month to hold a meeting with Prime Minister Narendra Modi and is expected to announce plans to invest and open a new EV manufacturing plant in India, media reported.

Reuters reported citing sources that Musk will meet Modi in New Delhi in the week starting on April 22 and separately announce his plans in India.

Image courtesy: PIB Image courtesy: PIB

The Tesla chief will be accompanied by other high-level executives of the company, it said.

However, Musk’s final India trip agenda could change, said the report.

Musk and Modi previously met in New York in June. Over the following months, Tesla actively tried to pursue India for India to reduce import duties on electric vehicles as the country contemplated establishing a factory.

India recently introduced a revised EV policy, slashing import tariffs from 100% to 15% for certain models, provided the manufacturer commits to investing a minimum of $500 million and sets up a manufacturing facility.

Reuters has earlier reported that Tesla representatives are expected to visit India this month to assess potential locations for a manufacturing facility, which would necessitate an investment of roughly $2 billion.

The report said that sources have revealed that Tesla has started the production of right-hand drive vehicles at its German plant with plans to export them to India later this year.

Musk remarked this week on X that "India should have electric cars like every other country has electric cars. It's a natural progression to provide Tesla electric vehicles in India".

Tesla's entry into the Indian market coincides with a slowdown in electric vehicle demand in its primary markets, namely the United States and China.

India's electric vehicle (EV) market is small but steadily growing. Indian auto major Tata Motors dominates the market at present.

In 2023, EVs accounted for approximately 2% of total car sales in India, with the government aiming for this figure to reach 30% by 2030.

Analysts suggest that Tesla's entry into the Indian market could stimulate further investments in EVs and provide advantages to local auto parts manufacturers, Reuters reported.

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