In Short:
- Elon Musk Visit India to meet with Prime Minister Modi to talk about Tesla's planned investments in India.
- In a recent conversation, Musk confirmed Tesla's ambitions to make a foray into the Indian market.
- This comes following the introduction of an EV policy in March aimed at positioning India as a worldwide hub for electric vehicle manufacturing.
Elon Musk Visit India: Meeting with Prime Minister Modi
Elon Musk visit India to meet Prime Minister Narendra Modi in New Delhi during the week of April 22. He's also planning to make a special announcement about his plans for India while he's there.
Earlier, there were reports that Tesla representatives would be in India this month checking out possible locations for a new manufacturing plant. Setting up this plant could cost between $2 billion and $3 billion.
Great meeting you today @elonmusk! We had multifaceted conversations on issues ranging from energy to spirituality. https://t.co/r0mzwNbTyN pic.twitter.com/IVwOy5SlMV
— Narendra Modi (@narendramodi) June 21, 2023
Source: Twitter/Narendra Modi
Partnering With Reliance
Tesla is considering partnering with Reliance Industries Limited to open a manufacturing facility in India, according to sources cited by The Hindu BusinessLine.
The company is looking at various places in India for this plant, with Gujarat and Maharashtra being top contenders. Maharashtra is reportedly the preferred location.
Elon Musk visit india to talked about Tesla’s goals
In a recent chat on X with Nicolai Tangen, the CEO of Norges Bank Investment Management, Elon Musk visit India talked about Tesla's goals to enter the Indian market. He mentioned India's large population and the importance of having electric vehicles in the country.
"India, being the most populous country now, should also have electric cars, just like any other country. It's time for Tesla to introduce its electric vehicles in India," Musk said.
India Unveils Ambitious Electric Vehicle Policy to Boost Manufacturing and Drive Sustainability
The Indian government rolled out a new Electric Vehicle policy in March, aiming to make India a major hub for EV manufacturing. This policy calls for an investment of at least Rs 4,150 crore but doesn't set an upper limit, hoping to draw big names in the global EV industry.
The policy also sets a timeline of three years for companies to set up manufacturing units in India, start producing EVs, and ensure that half of their value comes from domestic sources within five years.
The Commerce & Industry Ministry believes this policy will give Indian consumers access to the latest tech, boost the 'Make in India' initiative, and enhance the EV market by encouraging competition. This should lead to more production, lower costs, reduced oil imports, a smaller trade deficit, cleaner air in cities, and overall health and environmental benefits.
Moreover, the policy emphasizes the need for achieving significant domestic value addition in manufacturing, targeting a 25% local content level by the third year and 50% by the fifth year.
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