Tesla's Elon Musk to visit India, likely to unveil investment plans in meeting with PM Modi, says Reuters report
Apr 10, 2024
New Delhi [India], April 10 : Tesla CEO Elon Musk , is set to visit India later this month for a meeting with Prime Minister Narendra Modi, as per Reuters.
Reuters sources revealed that Musk's visit will coincide with a potential announcement regarding Tesla's investment plans and the opening of a new factory in the country.
Musk will meet Prime Minister Modi tentatively on April 22 in New Delhi.
Additionally, he is expected to disclose details about Tesla's plans for India during his visit. However, the final agenda for Musk's trip to India is yet to be confirmed.
Nonetheless, it has been previously reported that Tesla officials were exploring potential sites in India for a manufacturing plant, which is anticipated to necessitate an investment of approximately USD 2 billion.
Tesla's interest in expanding its presence in the Indian market has intensified, with the company actively searching for a suitable location to establish a cutting-edge manufacturing facility.
According to sources, both the state governments of Maharashtra and Gujarat have reportedly extended attractive land offers to Tesla for this purpose, signalling significant progress in India's electric mobility landscape.
The proposed manufacturing plant, with estimated investments ranging from USD 2 billion to USD 3 billion, aims to cater to both domestic and international demand for Tesla's electric vehicles.
This move aligns with India's new EV policy, which seeks to promote sustainable transportation and reduce carbon emissions.
Under the government's EV scheme, which aims to position India as a preferred manufacturing destination for EVs equipped with advanced technology, several key objectives have been outlined.
These include attracting investments from global EV manufacturers, promoting the adoption of advanced EV technology among Indian consumers, and bolstering the country's Make in India initiative.
Moreover, Tesla's entry into the Indian market holds immense promise for the country's economy and environment.
The establishment of a manufacturing plant and increased procurement of auto parts from India are expected to create jobs, foster economic growth, and strengthen the domestic manufacturing ecosystem.
