Prime Minister Narendra Modi thanked Elon Musk, CEO of Tesla and SpaceX, for his congratulatory message following Modi’s victory in the 2024 Lok Sabha elections. In a social media post on X (formerly Twitter), PM Modi emphasized that India’s talented youth, favourable demographics, predictable policies, and stable democratic system will continue to create a conducive business environment.
On June 7, Musk congratulated Modi on being elected Prime Minister for a third term, expressing optimism about future collaborations in India. “Congratulations, Narendra Modi on your victory in the world’s largest democratic elections! Looking forward to my companies doing exciting work in India,” Musk posted on X.
Reports indicate that Tesla is exploring the establishment of manufacturing plants in Maharashtra, Gujarat, and Tamil Nadu, with an estimated investment between $2 billion and $3 billion. In July of last year, Tesla announced plans to build a factory in India to produce a car priced around Rs 17,30,000.
Although Musk was scheduled to visit India in April this year, he postponed the trip, citing heavy obligations at Tesla and opting to visit China instead. “Unfortunately, very heavy Tesla obligations require that the visit to India be delayed, but I do very much look forward to visiting later this year,” Musk explained.
The Indian government continues to promote domestic manufacturing in the electric vehicle sector. Initiatives like FAME, launched in 2019, and recent reductions in import taxes for EV manufacturers who commit to investing at least USD 500 million and starting production within three years, underscore this commitment.