Piyush Goyal to meet Elon Musk amid Tesla’s Indian market entry talks: Sources

The meeting between Goyal and Musk will be the most high-profile one since the Tesla boss met Indian Prime Minister Narendra Modi in June and later said he was keen to make significant investments in the country.

Reuters
First Published8 Nov 2023, 08:43 PM IST
Elon Musk is the CEO of EV major Tesla, aerospace firm SpaceX, and the owner of social media platform X (formerly Twitter). Image: Leon Neal/Pool via REUTERS/File
Elon Musk is the CEO of EV major Tesla, aerospace firm SpaceX, and the owner of social media platform X (formerly Twitter). Image: Leon Neal/Pool via REUTERS/File(via REUTERS)

Indian commerce minister Piyush Goyal will meet Tesla chief Elon Musk in the United States next week as the two sides look to advance the U.S. carmaker's plan to enter the South Asian market, sources familiar with the plans said.

The meeting between Goyal and Musk will be the most high-profile one since the Tesla boss met Indian Prime Minister Narendra Modi in June and later said he was keen to make significant investments in the country.

Discussions between the Musk and Goyal in the U.S. will centre around Tesla's plans to setup an Indian factory, manufacturing a $24,000 car there, sourcing more components and establishing charging infrastructure across the nation, one of the two sources told Reuters.

Also Read: House panel suggests national policy on EVs

A discussion is also likely on a new policy India is working on which will allow automakers to import fully built EVs into India at a reduced tax rate of 15%, down from as much as 100% now, if they commit to some local manufacturing.

This meeting is to ensure that talks between India and Tesla "are moving in the right direction," the person added.

India's commerce ministry and Tesla did not respond to requests for comment.

Tesla and India have been in talks for several months with the U.S. carmaker open to setting up a factory but also keen to get lower import taxes for some of its high-end vehicles.

Prime Minister Modi's office held a meeting with various ministries on Monday to expedite the new EV policy, said a third source.

The third person added the government is also analysing the impact the new policy could have on the Indian EV market, as local carmakers have often said lower EV import taxes could disrupt the market and hurt their plans.

Tesla first tried to enter India in 2021, pushing officials to lower the 100% import tax for EVs, but last year the talks collapsed when officials conveyed the company would have to first commit to local manufacturing.

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.MoreLess
First Published:8 Nov 2023, 08:43 PM IST
HomeCompaniesPiyush Goyal to meet Elon Musk amid Tesla’s Indian market entry talks: Sources

Most Active Stocks

Tata Steel

167.05
03:57 PM | 16 JUL 2024
0.25 (0.15%)

Oil & Natural Gas Corporation

322.40
03:58 PM | 16 JUL 2024
-0.15 (-0.05%)

Bandhan Bank

198.30
03:41 PM | 16 JUL 2024
2.95 (1.51%)

Coal India

512.35
03:59 PM | 16 JUL 2024
14.4 (2.89%)
More Active Stocks

Market Snapshot

  • Top Gainers
  • Top Losers
  • 52 Week High

Natco Pharma

1,281.05
03:59 PM | 16 JUL 2024
73.2 (6.06%)

Century Textiles & Industries

2,217.55
03:48 PM | 16 JUL 2024
116.85 (5.56%)

Tata Teleservices Maharashtra

81.33
03:54 PM | 16 JUL 2024
4.23 (5.49%)

India Cements

323.05
03:55 PM | 16 JUL 2024
15.8 (5.14%)
More from Top Gainers

Recommended For You

    More Recommendations

    Gold Prices

    • 24K
    • 22K
    Bangalore
    74,318.00-453.00
    Chennai
    74,755.00928.00
    Delhi
    75,266.001,294.00
    Kolkata
    75,047.001,002.00

    Fuel Price

    • Petrol
    • Diesel
    Bangalore
    102.86/L0.00
    Chennai
    100.76/L0.01
    Kolkata
    104.95/L0.00
    New Delhi
    94.72/L0.00
    OPEN IN APP
    HomeMarketsCibilPremiumMint Shorts