Tesla CEO Elon Musk is scheduled to visit India later this month to meet with Prime Minister Narendra Modi, according to sources from Reuters.
Musk’s visit is expected to align with a potential announcement concerning Tesla’s investment strategies and the inauguration of a new factory in the country. The meeting between Musk and Prime Minister Modi is tentatively set for April 22 in New Delhi.
Moreover, he is anticipated to unveil specifics regarding Tesla’s initiatives in India during his trip. However, the exact itinerary for Musk’s visit to India remains unconfirmed. Nonetheless, there have been earlier reports indicating that Tesla representatives were scouting potential locations in India for a manufacturing facility, expected to require an investment of around USD 2 billion.
Tesla’s keenness to broaden its footprint in the Indian market has heightened, as the company actively seeks a fitting site to establish a state-of-the-art manufacturing plant.
As per sources, both the state governments of Maharashtra and Gujarat have purportedly extended appealing land proposals to Tesla for this objective, indicating notable advancements in India’s electric mobility sector.
The proposed manufacturing facility, with estimated investments ranging between USD 2 billion to USD 3 billion, aims to address both domestic and international demand for Tesla’s electric vehicles. This initiative is in line with India’s recent EV policy, which aims to encourage sustainable transportation and diminish carbon emissions.
Within the government’s EV initiative, designed to position India as a premier manufacturing hub for EVs featuring advanced technology, numerous key objectives have been delineated.
These objectives encompass enticing investments from global EV manufacturers, fostering the adoption of cutting-edge EV technology among Indian consumers, and fortifying the nation’s Make in India campaign.
Furthermore, Tesla’s introduction to the Indian market carries significant potential for the country’s economy and environment.
The establishment of a manufacturing plant and heightened procurement of auto parts from India are anticipated to generate employment opportunities, stimulate economic expansion, and enhance the domestic manufacturing ecosystem.