Tesla’s Elon Musk to meet PM Modi in India, expected to announce investment plans: Report
Elon Musk
Tesla’s chief Elon Musk will be visiting India this month to meet Prime Minister Narendra Modi and is expected to announce on plans to invest and open a new factory in the country, news agency Reuters reported citing people with direct knowledge said.
Tesla chief will meet Modi in the fourth week of April in New Delhi, and will separately make an statement about his India plans. Musk will be accompanied by other executives during his visit.
Earlier it was reported that Tesla officials are expected to visit India this month to look at sites for a manufacturing plant which would be a major investment of about $2 billion.
It was last year in June when Musk and Modi last met in New York, and Tesla for months lobbied India to lower import taxes on electric vehicles while it weighed up a factory there.
India last month unveiled a new EV policy lowering import taxes to 15 per cent from 100 per cent on some models if a manufacturer invests at least $500 million and sets up a factory too.
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Tesla has also begun production of right-hand drive cars at its German plant for export to India later this year, sources have said.
Musk took to his X account and said, "India should have electric cars like every other country has electric cars. It's a natural progression to provide Tesla electric vehicles in India".
Tesla's push into India comes as slowing EV demand in its main US and Chinese markets coincides with intensifying competition from Chinese automakers. Tesla reported a drop in first-quarter deliveries that missed analyst estimates.
(With inputs from agencies)