Elon Musk, head of American electric car manufacturer Tesla, is visiting India this month. During this he will meet PM Modi. According to the information, after this meeting, Tesla’s plan for India can also be made public. What more information can be received about Tesla’s arrival in India after this visit? Let us know.
Elon Musk, the CEO of Tesla, is traveling to India this month. This information has been made available by him via his social media accounts. He can also discuss the company’s intentions to visit India while he is there. We’re going to share with you in this article what further information Musk has given us on Tesla’s arrival in India.
Tesla’s Elon Musk will come to India
Elon Musk confirmed on Twitter late on Wednesday night that he will be visiting India and that he is forward to see Prime Minister Narendra Modi. “Excited to meet Indian Prime Minister Narendra Modi in person!” he posted on X.
Looking forward to meeting with Prime Minister @NarendraModi in India!
— Elon Musk (@elonmusk) April 10, 2024Musk had said this earlier
Some time ago in an X-Space session, Elon Musk had said that like every other country, India should also have electric cars and making Tesla electric vehicles available in the country would be a natural progression for his company.
There may be an important announcement
It has been reported that Musk would reveal the much-awaited news of opening Tesla’s first facility in India while he travels there. On April 22, Musk and Prime Minister Modi are scheduled to meet in the nation’s capital, according to Reuters. Musk is anticipated to disclose specifics of the automaker’s intentions for India in addition to declaring Tesla’s first international presence there. Musk’s exact itinerary for his travel to India is yet unknown, though.
Search was being done in India
It was previously reported that Tesla officials were looking at potential locations for a manufacturing unit in India. The factory is expected to cost about US$2 billion to build. Tesla is aggressively searching for a suitable location to establish a state-of-the-art manufacturing plant as part of its increased interest in growing its market share in India.
According to sources, the state governments of Maharashtra and Gujarat have offered attractive land to Tesla for this purpose, signaling significant progress in India’s electric mobility scenario. As previously reported, Tesla will initially manufacture entry-level cars in India priced around Rs 25 lakh, with an annual capacity of 5 lakh units.
What is the policy
The policy seeks a minimum investment ceiling of Rs 4150 crore (US$500 million) and encourages manufacturers to achieve significant levels of domestic value addition (DVA), with the government mandating that within the third quarter of setting up a manufacturing unit By the end of the year, at least 25 percent of the parts used to make vehicles should be sourced domestically. This localization level is expected to increase to 50 percent by the fifth year of operations.
Under the new EV policy, for vehicles worth US$35,000 or more, 15 percent customs duty will be imposed for five years if the manufacturer sets up manufacturing facilities in India within three years. The total number of EVs allowed for import under the policy will be limited based on the investment made, or a maximum value of Rs 6484 crore, whichever is lower. If investment exceeds US$800 million, a maximum of 40,000 EVs can be imported, not to exceed 8,000 per year. Unutilized import limit can be carried forward.
We had met earlier also
Elon Musk has stated before in June of last year that he intended to travel to India in 2024. Musk expressed his confidence that the producer of electric vehicles will arrive in India “as soon as possible”.
After meeting with Prime Minister Narendra Modi, who was at the time on a four-day state visit to the US, he told reporters in New York. According to Musk, he has been invited by Prime Minister Modi to visit India. Musk had stated, “I want to thank PM Modi for his support and hopefully we will be able to announce something in the future.” Later, Union Minister of Commerce and Industry Piyush Goyal paid a visit to Tesla’s Fremont, California, facility in November of 2023.
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