Reports of electric car manufacturer Tesla entering the Indian market have been getting stronger with each passing day. We now have a new report that suggests Elon Musk is all set to visit India and meet Prime Minister Narendra Modi before the official launch. According to the reports, during his visit, Musk is expected to make an announcement that many of us have been waiting for a very long time: their plan to manufacture Tesla cars in India.
Musk announced his plan to visit India through a tweet on his profile. He wrote, “Looking forward to meeting with Prime Minister @NarendraModi in India!” Musk is expected to come to India later this month. His visit to India has been speculated since the ‘Vibrant Gujarat’ Investor Summit earlier this year.
Tesla’s entry into the Indian market has more or less been confirmed after the government announced their new policy for electric car manufacturers. According to the new EV policy, the government is offering import duty concessions to new entrants who are importing electric vehicles. The concession is offered for 5 years to companies investing $500 million or more in setting up a manufacturing facility in India.
Tesla is currently in early discussions with Reliance Industries Ltd about a possible joint venture to build an electric car manufacturing facility. A highly placed source told The Hindu Business Line, “Talks are at an initial stage and have been ongoing for over a month. While the role of RIL hasn’t been crystallized yet, it is expected that the Indian conglomerate may play a significant role in establishing the manufacturing facility and the allied ecosystem for Tesla in India.”
This means, in addition to meeting Narendra Modi, Elon Musk might also meet Mukesh Ambani to advance discussions about the joint venture. All these factors indicate that Musk’s visit to India is going to be very crucial, and we can expect an announcement about the electric car major’s entry into the Indian market.
Looking forward to meeting with Prime Minister @NarendraModi in India!
— Elon Musk (@elonmusk) April 10, 2024
Tesla’s initial plan was to launch the Model 3 sedan and the Model Y crossover. Both these models were spotted testing on Indian roads soon after the manufacturer registered an office in India. However, their initial plan was to import the cars directly to India, making the Model 3 very expensive.
In order to price the cars competitively, Musk had asked for tax exemptions for EVs imported to India. The central government did not agree with the manufacturer, forcing them to put their plans on hold for India.
Later, the government resumed talks with Tesla, which was probably the reason we saw a change in the EV policy too. Tesla is expected to set up the manufacturing facility somewhere in Gujarat.
Tesla is also planning to manufacture an entry-level electric car for India, expected to be priced at around Rs 25 lakh, positioned below the Model 3. A detailed walkaround and first drive review of the upcoming Model Y SUV is available on our website. When launched, Tesla will compete with the likes of BYD, Hyundai, and Kia in the Indian market.
The post Elon Musk To Visit India And Meet Modi: Reliance, Tesla In Talks For Electric Car Factory first appeared on Cartoq.
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