Tesla CEO Elon Musk stated that his firm is actively seeking investment in India.
After visiting Narendra Modi in New York on Tuesday, Musk said Tesla plans to invest in India "as soon as humanly possible."
During a press interaction, Elon Musk acknowledged Modi's commitment to convince Tesla to "make significant investments" in India soon. The Tech mogul said that, while the company aims to enter the country, they are determining "the right timing," according to CNN.
Musk also revealed his ad hoc plans to go to India in 2019, highlighting his excitement for the nation's potential. He emphasized his enthusiasm for India's future and praised his "fantastic" encounter with Prime Minister Modi.
Tesla-India Partnership Highly Probable
The decision by Tesla to enter the Indian market has long been anticipated. Elon Musk announced the company's plans to sell automobiles in India as early as 2017. Tesla's plans seem to progress due to recent events and meetings with Indian authorities and politicians.
“I am a fan of Modi”: Elon Musk hails India’s potential, shares takeaways from his meeting with the PM in New York#ElonMusk #NarendraModi #PMModi #Modi #ModiInAmerica #Tesla #India #NewYork pic.twitter.com/Fwk4L5h7jC
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Reuters reported last month that Tesla has suggested setting up an electric car production facility in India. The business indicated an interest in producing batteries for electric vehicles nationwide. Rajeev Chandrasekhar, a federal minister, affirmed Tesla's serious consideration of India as a manufacturing and innovation center.
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However, when the Indian government required that Tesla produce vehicles locally, the first intentions to establish a facility there were put on hold last year, per the BBC. Before starting local manufacturing, Tesla was willing to sell products to India to gauge market demand.
Tesla Looking For Investments Outside US
Tesla's Shanghai gigafactory is its most oversized automobile production operation outside the US. Over half of Tesla's worldwide deliveries in 2022 were primarily a result of production at the Shanghai facility.
Looking forward, Elon Musk said at a recent event that Tesla would choose a new plant site by the end of this year, with India being an intriguing possibility. Tesla's commitment to accessing the Indian domestic market has been bolstered by conversations with Indian authorities and the most recent meeting with Prime Minister Modi.
With India's thriving market and Prime Minister Modi's desire to entice investment, it is predicted that Tesla's arrival would fundamentally alter the nation's sustainable transportation scene.
Elon Musk's recent meetings with Italian Prime Minister Giorgia Meloni and French President Emmanuel Macron show his interest in investing outside electric automobiles, according to France 24. This move demonstrates his continued dedication to growing Tesla's worldwide presence and funding innovative endeavors.
