18 Apr 2024

Now you can buy Tesla's electric vehicles in India; Elon Musk likely to make these important announcements during meeting with PM Modi next week

New Delhi: Owner of electric vehicle company Tesla, Elon Musk, is coming to India next week. Musk will meet Prime Minister Narendra Modi. During this visit, he is also expected to announce an investment of 2 to 3 billion dollars for setting up Tesla's factory in India. This information has been provided by news agency 'Reuters' citing two sources related to the matter. According to the report, Elon Musk will meet PM Modi on Monday (April 22). It is expected that during this time, he will announce Tesla's entry into the world's third-largest auto market.

Tesla plans to export cars to India 

According to the report by news agency 'Reuters', Tesla has already begun searching for locations for showrooms in New Delhi and Mumbai. Its Berlin factory is producing right-hand drive cars. The company has targeted to export them to India by the end of this year. Sources have revealed that Elon Musk might also participate in a program organized by the Indian government along with a space startup in New Delhi. Musk is also the owner of the American space company SpaceX and the social media platform X (formerly Twitter).

Musk has been opposing India's high import taxes on EVs 

For several years, Musk has been opposing India's high import taxes on electric vehicles and was advocating for its change. A month ago, the Indian government made changes to the EV policy. According to the new policy, import duty on some models was reduced from 100% to 15%. Investors will have to invest at least 50 million dollars (approximately 4,172 crore rupees) for this. With this new policy of the government, the path for the entry of Elon Musk's EV company Tesla into India has become easier.

Musk had said this week on X that there should be electric cars in India as in every other country. It has become necessary to make Tesla electric vehicles available in India. Musk is coming to India at a time when elections are taking place here. Meanwhile, demand for EVs has slowed down in American and Chinese markets. Tesla is facing competition from Chinese vehicles as well.

India's EV market is growing rapidly

India's EV market is still small, but it is growing rapidly. Tata Motors, a local car manufacturer, currently dominates here. In 2023, EVs accounted for only 2% of total car sales. The government aims to increase this to 30% by 2030.

PM Modi and Elon Musk have met twice so far. Both had a meeting in 2015 at the Tesla factory in California. After that, they met in June 2023 in New York.

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