Saturday, May 4

Elon Musk Postpones India Visit Due To “Very Heavy Tesla Obligation”

Edited by Fathimathu Shana
Elon Musk Postpones India Visit Due To "Very Heavy Tesla Obligation"

Elon Musk’s visit to India which has been scheduled for April 21 and 22 has been postponed. Hours after the news was released on the CNBC-TV18, the Tesla owner said the postponement was due to the “very heavy Tesla obligations”, and added that he is looking forward to visit the country later this year. Musk was scheduled to meet with Prime Minister Narendra Modi and announce plans to enter the Indian market.

On April 10th, Must posted on his social media platform that he is looking forward to visit India after the Indian government released notification of a new electric vehicle manufacturing policy that allows Indian government to give duty concessions to electric car companies that are committed in make in India.

The central government unveiled a plan that would permit automakers to import up to 8,000 EVs priced at $35,000 or higher every year at a reduced import duty of 15 percent. Notably, to be eligible for this scheme, EV companies must invest a minimum of Rs 4,150 crore and establish production facilities within three years. This major policy is aimed at enhancing EV manufacturing in India.

Reportedly, Tesla is in discussion with Mukesh Ambani’s Reliance Industries to set up an electric vehicle (EV) manufacturing facility in India. Hindu BusinessLine, citing sources, reported on April 9 that the talks are in the preliminary stages and Tesla’s management may visit the country soon.