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Business News/ Companies / News/  Tesla's Elon Musk likely to unveil 3 billion India investment during visit

Tesla's Elon Musk likely to unveil ₹3 billion India investment during visit

Tesla CEO Elon Musk is likely to announce a $2-3 billion investment in India for a new plant during his visit to India next week

Elon Musk likely to unveil $2-$3 billion India investment during visit (REUTERS)Premium
Elon Musk likely to unveil $2-$3 billion India investment during visit (REUTERS)

Tech mogul Elon Musk is anticipated to make a significant investment announcement during his upcoming visit to India. Scheduled to meet with Prime Minister Narendra Modi in New Delhi next week, Musk is poised to disclose plans for injecting nearly 3 billion into the Indian market, primarily earmarked for the establishment of a new manufacturing facility.

As per a report from Reuters, Musk's visit is strategically timed to coincide with India's rapidly growing electric vehicle (EV) market. Despite its modest current share, electric cars are gaining traction in the country, which boasts the world's third-largest automotive market. Tata Motors presently dominates this evolving landscape.

The impending investment aligns with the Indian government's ambitious target of ensuring 30 percent of new car sales are electric by 2030. Musk's interest in India comes amidst challenges elsewhere, with Tesla grappling with sluggish sales in the United States and China, prompting recent layoffs affecting 10 percent of its workforce.

Details surrounding Musk's India venture remain closely guarded, with specifics such as the timeline and location of the proposed factory yet to be disclosed. While Tesla has commenced scouting for showroom space in New Delhi and Mumbai, the anticipation is that the Berlin factory will commence exporting right-hand drive vehicles to India later this year.

Musk's engagement with India marks a shift from previous opposition to the country's high import taxes on EVs. His lobbying efforts culminated in a recent policy change, with import duties lowered to 15 percent for qualifying manufacturers investing a minimum of $500 million and establishing local production facilities.

The Tesla CEO is expected to participate in an event organized by the Indian government in New Delhi, focusing on space startups, alongside his discussions with Modi. 

(With inputs from Reuters)

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Published: 17 Apr 2024, 05:34 PM IST
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