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Business News/ Companies / News/  Elon Musk may announce Tesla's entry in India after meet with PM Modi on April 22: Report
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Elon Musk may announce Tesla's entry in India after meet with PM Modi on April 22: Report

Elon Musk likely to announce Tesla's entry into Indian markets after meeting PM Modi. The announcement won't be site-specific, requiring board approval. Musk confirmed his visit and lobbying for reduced import taxes on EVs.

Prime Minister Narendra Modi meets Tesla and SpaceX CEO Elon Musk (PIB)Premium
Prime Minister Narendra Modi meets Tesla and SpaceX CEO Elon Musk (PIB)

Elon Musk is likely to announce its carmaker Tesla's entry into Indian markets after the billionaire's meet with Prime Minister Narendra Modi on April 22, a MoneyControl report citing a senior government official said on Tuesday.

The official, who spoke to MoneyControl on the condition of anonymity, said the speculated announcement won't be "sit-specific" because for that, Tesla would require a board approval. "It is more of a signaling."

“Expect a general announcement that the US-based EV (electric vehicle) maker is coming into India not a site-specific one. To announce a specific site Tesla typically needs board approval, which may happen only later," the official told MoneyControl.

"For now, Musk may welcome the EV policy and say that he looks forward to being in Indian market soon," the official added.

Also read: Elon Musk's Starlink licence application in process, ownership 'declaration' received

Earlier this month, Musk confirmed his visit to India and meeting with PM Modi via a post on X, the microblogging website he now owns.

"Looking forward to meeting with Prime Minister Narendra Modi in India!" he posted.

Also read: Tesla layoff: Elon Musk-led EV firm's move to cut 10% global workforce to hit US, China markets hard

Musk will not address the media during his 48-hour visit to India. However, the official said, a press release and video will likely be released after his interaction with PM Modi.

Musk met PM Modi last year in New York. 

Tesla reported lobbied the Centre for months to lower import taxes on electric vehicles (EVs) as it contemplated over setting up a factory here.

In March, Centre announced a revised EV policy slashing import taxes to 15 per cent from 100 per cent on some models if a manufacturer invests at least $500 million and sets up a factory in the country too.

Also read: Elon Musk plans to charge new X users, here's why

Meanwhile, the licence application of Musk's satellite venture Starlink is under process, and the government is examining the security aspects, news agency PTI reported citing sources.

The FDI and financial aspects are in sync with the requirements and conditions, the report said, adding that the ownership 'declaration' has also been received from Starlink.

 

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Published: 16 Apr 2024, 10:11 PM IST
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