Washington. First Elon Musk postponed his India tour and now there are two different news for India from his car manufacturing company Tesla. News agency Reuters, quoting Tesla, has given the first news that Tesla, the company making Elon Musk’s electric vehicles, will not set up a factory in India. Tesla has also abandoned the plan to set up a factory in Mexico. While sharing the information received from Tesla, the news agency has said that Elon Musk’s company is now emphasizing on making cheap cars. This means that Tesla can sell cheap cars in India.
Tesla makes electric vehicles i.e. battery operated cars. Elon Musk’s Tesla is also included among the world’s top electric vehicle manufacturing companies. Tesla says that it is advancing the process of setting up factories in India and Mexico and is focusing on increasing its production by 50 percent by 2023. Tesla says this could result in lower costs than before. At present it is focusing on making vehicles in a better way. Tesla’s decision of not setting up a new factory has also been appreciated by its investors. The Chief Investment Officer of Evolve ETF says that this is a positive step and Tesla is not just pursuing a plan to grow itself. She is also looking at the challenge of the market.
It is believed that Tesla will not set up a factory in India till the end of this year. However, the Modi government has recently taken a big decision regarding custom duty on electric vehicles. Under this decision, companies preparing to manufacture electric vehicles by setting up plants in India will have to pay less custom duty on importing their vehicles. Recently, there was news that Tesla is now going to set up a factory in India, but the latest information received from the company has put water to the claim made by quoting sources.
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