Elon Musk Confirms India Visit Amid Reports Of Tesla's Entry
Elon Musk, CEO of Tesla, confirmed that he would be visiting India soon. Taking to X on Wednesday, the tech mogul also said that he was looking forward to meeting Prime Minister Narendra Modi. Earlier, there were reports that the automaker was in discussion with Reliance Industries to establish an electric vehicle (EV) manufacturing facility in the country.
Looking forward to meeting with Prime Minister @NarendraModi in India!
— Elon Musk (@elonmusk) April 10, 2024
“Looking forward to meeting with Prime Minister @NarendraModi in India!” wrote the Tesla CEO on his X handle on April 10. Meanwhile, Reuters, citing sources, reported that Elon Musk is expected to make an announcement on investment and a factory in India during the visit. As per the report, the billionaire entrepreneur will visit India this month itself. It is to be noted that Elon Musk has not yet revealed any other details of his India visit. In June 2023, Elon Musk met with PM Modi in the United States.
Hindu BusinessLine, citing sources, reported on April 9 that the talks between Elon Musk-owned Tesla and Mukesh Ambani’s Reliance Industries are in the preliminary stage, and the discussions have been ongoing for over a month. Tesla is looking to establish its operations in India with the help of a local partner. To build the EV manufacturing facility, the automaker is reportedly considering various locations, including Maharashtra and Gujarat. A source told Hindu BusinessLine that Reliance will play a “significant hand” in establishing this facility.
Recently, 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.
