Elon Musk's planned India visit sparks speculations of Tesla's next step in country's EV market - Hindustan Times
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Elon Musk's planned India visit sparks speculations of Tesla's next step in country's EV market

Apr 11, 2024 10:42 PM IST

Elon Musk's Tesla may unveil investment plans for India this month as the billionaire is set to visit the country soon.

Billionaire Elon Musk is likely to be in the final stages of finalising the investment plan for Tesla's India debut this month. The speculations have been sparked off when Musk announced his visit to India on Wednesday, saying that he is looking forward to meeting with Prime Minister Narendra Modi.

Prime Minister Narendra Modi shakes hand with Tesla chief executive Elon Musk (Reuters)(via REUTERS)
Prime Minister Narendra Modi shakes hand with Tesla chief executive Elon Musk (Reuters)(via REUTERS)

Elon Musk wrote on X, “Looking forward to meeting with Prime Minister @NarendraModi in India!”

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While no confirmation was given regarding Tesla's debut in India, Musk has routinely shown his interest in expanding his EV market to the country when India is experiencing a massive push towards electric vehicles.

Read more: Elon Musk admits he has this secret account on X where he ‘pretends to be a child’

Musk's announcement of India visit where he may announce investment in the country comes at a time when Prime Minister Narendra Modi is bidding for his third term and may give a fillip to the government's image for attracting big-ticket investment.

During an X Spaces session, Elon Musk further hinted at expanding Tesla in the country, saying that India should also expand on its electric car production like other countries and it will be a natural progression for his company to provide Tesla electric vehicles in the country.

According to sources cited by ANI, Musk, during his India visit, might make the much-anticipated announcement of setting up Tesla's first plant in the country. Musk will likely meet Prime Minister Modi on April 22 in the national capital, according to Reuters.

Read more: Elon Musk confirms India visit, says looking forward to meeting PM Modi

Apart from announcing Tesla's maiden foray in India, Musk is also expected to disclose the details of the automobile major's plans for the country.

It must be noted that Elon Musk hasn't revealed the final agenda of his India trip yet. It was reported earlier that Tesla officials were exploring potential sites in India for a manufacturing plant.

It was also reported that states like Gujarat and Maharashtra are planning on extending land offers to Tesla to set up its maiden plant in India. According to the new EV policy in the country, incentives are proposed for setting up manufacturing units in India.

The policy has asked for a minimum investment threshold of 4150 crore (USD 500 million) and encouraging manufacturers to achieve significant levels of domestic value addition (DVA), the government mandates that by the third year of setting up the manufacturing unit, at least 25 per cent of the parts used to make the vehicles should be sourced domestically.

(With inputs from ANI)

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