‘Looking forward to meeting with PM Modi’: Elon Musk confirms visit to India

  • Elon Musk will be meeting PM Modi in the week of April 22 in New Delhi

Livemint
Updated11 Apr 2024, 07:08 AM IST
PM Narendra Modi with Elon Musk. (File photo)
PM Narendra Modi with Elon Musk. (File photo)

Billionaire Elon Musk has confirmed that he will be visiting India and meeting Prime Minister Narendra Modi amid buzz that EV maker Tesla is finally scouting for land to set up a factory in the country.

Elon Musk on the X platform wrote, “Looking forward to meeting with Prime Minister Narendra Modi in India!”

According to the Reuters news agency, Elon Musk will be meeting PM Modi in the week of April 22 in New Delhi.

Musk and PM Modi last met in New York in June and Tesla has continued for months lobbying India to lower import taxes on electric vehicles while it weighed up a factory in the country.

Tesla chief Elon Musk to meet PM Modi during India visit from April 22, announce investment plans

As per the Hindu Businessline report, Tesla has been scouting for a local partner to establish an EV unit in India. Citing sources, the English daily said, Tesla is in talks with Mukesh Ambani's Reliance Industries (RIL) to form a joint venture to set up a EV facility in the country.

Besides, Financial Times earlier this month reported that Elon Musk had sent a team to India in April to scout for sites for a proposed $2 billion to $3 billion electric car plant.

Elon Musk's Tesla in talks with Reliance to set up Indian operations

As per Reuters, Tesla recently began production of right-hand drive cars at its factory in Germany for export to India later this year.

Recently Musk also wrote on X, "India should have electric cars like every other country has electric cars. It's a natural progression to provide Tesla electric vehicles in India".

Musk will be visiting India after India has lowered import taxes to 15% from 100% on some models if a manufacturer invests at least $500 million and sets up a factory too.

'Tesla sales drop in US'

Elon Musk's Tesla witnessed a sharp drop in sales in the first quarter of 2024 as competition in the electric vehicle market has intensified worldwide. Tesla delivered 386,810 vehicles from January through March, almost 9% below the 423,000 it sold during the same period last year.

India's EV market to grow 66% in 2024, likely to represent nearly one-third of PV sales by 2030

Meanwhile, Chinese EV players are ramping up competition with Tesla using new technologies in the US and other markets.

In January this year, China's BYD surpassed Tesla s the world’s top-selling electric carmaker.

Backed by US investment billionaire Warren Buffett, BYD had beaten Tesla’s production for a second consecutive year.

India's EV market

In India's fledgling EV market, local carmakers such as Tata Motors have dominated. In 2023, EVs made up just 2% of total car sales but the government is targeting 30% by 2030.

According to a recent report by research firm Counterpoint, EV sales in India are expected to rise 66% this year on the back of state subsidies and improved infrastructure.

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.MoreLess
First Published:11 Apr 2024, 07:08 AM IST
HomeNewsIndia‘Looking forward to meeting with PM Modi’: Elon Musk confirms visit to India

Most Active Stocks

Indian Oil Corporation

166.90
03:58 PM | 12 JUL 2024
-7.6 (-4.36%)

Tata Steel

168.70
03:58 PM | 12 JUL 2024
-0.3 (-0.18%)

Bharat Electronics

333.30
03:59 PM | 12 JUL 2024
-2.25 (-0.67%)

Wipro

560.05
03:56 PM | 12 JUL 2024
25.7 (4.81%)
More Active Stocks

Market Snapshot

  • Top Gainers
  • Top Losers
  • 52 Week High

KPIT Technologies

1,864.00
03:57 PM | 12 JUL 2024
154.25 (9.02%)

Inox Wind

171.90
03:59 PM | 12 JUL 2024
13.85 (8.76%)

Zensar Technologies

768.20
03:29 PM | 12 JUL 2024
50.45 (7.03%)

Coforge

5,950.05
03:29 PM | 12 JUL 2024
386.65 (6.95%)
More from Top Gainers

Recommended For You

    More Recommendations

    Gold Prices

    • 24K
    • 22K
    Bangalore
    74,087.00382.00
    Chennai
    73,942.00-780.00
    Delhi
    74,014.00309.00
    Kolkata
    74,377.00-345.00

    Fuel Price

    • Petrol
    • Diesel
    Bangalore
    102.86/L0.00
    Chennai
    100.85/L0.10
    Kolkata
    104.95/L0.00
    New Delhi
    94.72/L0.00
    OPEN IN APP
    HomeMarketsPremiumInstant LoanMint Shorts