Tesla can make $3.6 billion in revenue from EV sales in India by 2030. Here's how

Tesla and SpaceX CEO Elon Musk has confirmed plans for his inaugural visit to India, where he will meetPrime Minister Narendra Modi later this month. During this visit, he is expected to announce majorinvestments in the electric vehicle (EV) sector.

Industry analysts anticipate that India could come upas a bigmarket for Musk's ventures in the foreseeable future,generating a minimum of $3.6 billion in revenue by 2030.

Musk's upcoming visit has generatedexcitement among Tesla enthusiasts in India, particularly after Prime Minister Modi's persistent efforts to persuade the tech mogul to consider India as his next destination for establishing a Tesla manufacturing facility and a global supply chain network.

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Experts note that Musk's interest in entering the Indian market has been a subject of historical discussion and speculation.

"The list of possible announcements includes India providing duty cuts on imported Tesla cars, the company establishing an official sales and service presence in the country, followed by possible manufacturing facilities further out," senior analyst Soumen Mandal from Counterpoint Research told news agency IANS.

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As of now, electric vehicle (EV) adoption in India stands at 2.3 per cent. Industry data indicates that electric vehicles priced at approximately $25,000 (Rs 20 lakh and above) are anticipated to capture at least 15 per centof the market share by 2030.

"India could grow into a considerable market for Tesla in the long term. As cars effectively become supercomputers on wheels, we anticipate Tesla could achieve $3.6 billion in revenue from car sales in India alone by 2030," Mandal noted.

India's EV potential

India could soon become a hub for making cars priced under $25,000, ready to export to other countries.

Experts think Tesla could help build more places to charge electric cars in India, similar to how US carmakers use common charging standards.

According to Liz Lee from Counterpoint Research, India's electric car market is about to take off, owing to government support like incentives and lower taxes, as reported by IANS.

Car sales in India are expected to grow steadily, while electric car sales could skyrocket by 2024, driven by more interest from buyers and better government policies.

Experts also believe Tesla coming to India could boost local manufacturing and make India a bigger player in the global electric car market.

(With inputs from agencies)