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Business News/ Markets / Stock Markets/  Tesla shares surge over 2% on report of possible pact with India to import EVs

Tesla shares surge over 2% on report of possible pact with India to import EVs

  • At 9:45 am GMT - 21 November, Tesla shares were trading 2.30% higher at $241.02 on the Nasdaq

The Tesla stock opened at $235.04 on Tuesday. Reuters

Shares of Tesla Inc. rose more than 2% on Tuesday after a media report said that the US automaker is nearing a pact with India to import its electric vehicles (EVs) to the country.

At 9:45 am GMT - 21 November, Tesla shares were trading 2.30% higher at $241.02 on the Nasdaq.

The stock opened at $235.04.

On Monday, the Tesla stock had closed at $235.60.

Soon an agreement may be finalised between Indian government and Tesla Inc. that would allow the automaker to ship its electric cars to the country from next year and set up a factory within two years, said a report by news agency Bloomberg.

Citing people familiar with the development, the report said that an announcement could come at the Vibrant Gujarat Global Summit in January 2024.

According to the report, the states of Gujarat, Maharashtra and Tamil Nadu are under consideration for Tesla to set up a plant.

In June, Tesla chief executive officer Elon Musk had said that Tesla plans to make a “significant investment" in India and he also intends to visit in 2024.

Currently, Tesla has factories in the United States, China and Germany.

In September, Union commerce minister Piyush Goyal had said that Tesla is planning to almost double purchases of auto parts from India to $1.9 billion this year.

The electric carmaker sourced auto parts worth $1 billion from the country last year, Goyal had said.

He visited Tesla’s plant in Fremont, California, earlier this month.

Previously, Elon Musk had criticized India’s high import taxes and its EV policies.

On Wall Street, the US stock indices opened lower on Tuesday ahead of the Federal Reserve’s minutes.

The Dow Jones Industrial Average fell 46.20 points, or 0.13%, to 35,104.84.

The S&P 500 opened lower by 8.61 points, or 0.19%, at 4,538.77. The Nasdaq Composite dropped 67.30 points, or 0.47%, to 14,217.23 at the opening bell.

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