Elon Musk visits India: Tesla owner Elon Musk is going to announce huge investment in India. Musk is coming to India next week. Here he will meet Prime Minister Narendra Modi. Musk is going to announce an investment of 2 to 3 billion dollars to set up a Tesla factory in India. News agency Reuters has given this information quoting two sources related to the case. Musk will meet the PM on Monday. It is expected that during this time they will announce Tesla’s entry in the world’s third largest auto market.
Space for showroom being searched in Delhi and Mumbai
According to Reuters report, Tesla has already started looking for showroom space in New Delhi and Mumbai. Also its Berlin factory is producing right-hand drive cars, which the company aims to export to India later this year. Both sources said that Musk may also attend an event organized by the Indian government in New Delhi along with space startups. Musk is also the owner of American space company SpaceX and social media platform X. Currently, Elon Musk’s net worth is $178 billion. He is the third richest person in the world.
India’s EV market is continuously growing
India’s electric vehicle market is still small, but is continuously growing and is dominated by local carmaker Tata Motors. The pace of adoption of electric cars in India is still quite slow. In the year 2023, the share of electric vehicles in total car sales was only 2%. But the government’s target is that by 2030, 30% of new cars should be electric cars.
Tesla sales are declining in America and China
Musk’s visit is taking place at a time when Tesla is facing the problem of slowing sales in major markets like America and China. The company has also announced layoff of 10% of its employees this week. Details of Musk’s visit to India have been kept confidential. The CEO has only publicly confirmed on his social media platform X that he will meet Modi in India. Sources said Musk will probably give investment figures for India, but will not give any information about the timeline for setting up the factory or in which Indian state the factory will be set up.
Tesla wanted to come to India for many years
For many years, Musk had been opposing India’s high import taxes on electric vehicles and advocating for its change. The Indian government came out with a new electric vehicle policy in March, reducing import duty on certain models from 100% to 15%, provided the carmaker invests at least $500 million and sets up a factory.
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