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Elon Musk to visit India to unveil India centric EV plan of Tesla, will meet PM Modi

Elon Musk is expected in India soon to announce a much-awaited plan to manufacture Tesla electric cars in the country. He will meet PM Modi during this visit. Musk will be touring India later this month and so his visit coincides with the peak election season.

The widely-speculated move of setting up of a Tesla manufacturing unit in India was announced by the charismatic but maverick global business leader – who also runs micro-blogging platform X (earlier Twitter), neurotechnologycompanyNeuralink and satellite communications company Starlink – through X handle, “Looking forward to meeting with Prime Minister Narendra Modi in India!” Musk will be touring India later this month and so his visit will coincide with the peak election season.

Setting up of Tesla factory will signal GOI’s success in getting a marquee investor to set up shop in India and in the process help create jobs. After Apple’s vendors, who moved from China to India, Tesla is expected to be the next big investment story for Modi govt. Musk’s visit had been speculated from the time of ‘Vibrant Gujarat’ investor summit held in January this year and became “more or less a certainty” after the announcement of EV policy for new entrants recently. The policy offers import duty concessions to companies that invest $500 million or more in establishing a manufacturing unit in India and source components locally. Duty concessions will be for five years. The policy was announced days before the announcement of polls.

There is absolutely no doubt that Musk is visiting India to announce Tesla’s ambitious project, groundwork for which has been on for years. The project is expected to see Tesla commit no less than $2-3 billion investment as it establishes a factory to manufacture entry-level electric cars to be priced around Rs 25 lakh. Earlier, the top American EV maker – which has come under pressure recently due to the drop in its stock price (dropped by almost a third in 2024) and sales slump – had indicated a belligerent capacity of five lakh units annually, fulfilling Musk’s long-cherished dreams of an affordable EV.

A competitively-priced electric car in a growing market like India will afford Tesla with ammunition it needs to quell investor discontent, while arresting drop in sales. Tesla will publicise Q1 results on April 23, to be followed by investors call where Musk is expected to brief analysts.

 

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