Tesla CEO Elon Musk is scheduled to visit India later this month for a meeting with Prime Minister Narendra Modi, Reuters reported. This visit is anticipated to coincide with a potential announcement regarding Tesla's investment plans and the establishment of a new factory in the country.
Musk is tentatively set to meet Prime Minister Modi on April 22 in New Delhi, where he is expected to divulge details about Tesla's intentions for India. However, the specific agenda for Musk's visit is yet to be officially confirmed.
Earlier reports suggested that Tesla officials were exploring potential sites in India for a manufacturing plant, with an estimated investment of around USD 2 billion. The company's interest in expanding its presence in India's burgeoning electric vehicle market has intensified, prompting active consideration for a state-of-the-art manufacturing facility.
Both Maharashtra and Gujarat state governments have reportedly extended attractive land offers to Tesla, signaling progress in India's electric mobility landscape. The proposed manufacturing plant, with investments ranging from USD 2 billion to USD 3 billion, aims to meet the growing demand for Tesla's electric vehicles, both domestically and internationally.
This move aligns with India's newly formulated EV policy, which aims to promote sustainable transportation and reduce carbon emissions. The government's EV scheme focuses on attracting investments from global EV manufacturers, fostering the adoption of advanced EV technology among Indian consumers, and bolstering the Make in India initiative.
Tesla's entry into the Indian market is poised to have significant economic and environmental implications. The establishment of a manufacturing plant and increased procurement of auto parts from India are expected to generate employment opportunities, stimulate economic growth, and fortify the domestic manufacturing ecosystem.
