Tesla CEO Elon Musk to meet PM Modi in India, will invest $3 bn initially

Tesla is currently searching for potential locations, including Gujarat and Maharashtra, to establish their plant.

In the upcoming weeks, Tesla CEO Elon Musk has scheduled a trip to India to meet with Prime Minister Narendra Modi. During this meeting, it is anticipated that he will reveal details about his intentions to invest and establish a new factory in the nation.

According to reports from Business Today, Musk is expected to make an initial investment of approximately $3 billion, with a potential increase to $10 billion in the future, in the country.

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According to Reuters, Musk is set to have a meeting with PM Modi during the week of April 22 in New Delhi. He will also make a separate announcement regarding his plans for India.

Representatives from Tesla are coordinating with high-ranking officials from the Department for Promotion of Industry and Internal Trade (DPIIT) and other government departments to implement their strategy.

It was previously stated that representatives from Tesla are anticipated to travel to India in the current month to explore potential locations for a factory that would necessitate a capital outlay of approximately $2 billion.

According to a report by The Hindu Businessline, Tesla has expressed interest in finding a domestic collaborator for its expansion into the Indian market. The possibility of a joint venture with Reliance to build a production plant in the country is being explored by the American car company.

According to a report, Tesla is currently exploring different areas such as Gujarat and Maharashtra for potential locations for their plant. The state of Maharashtra seems to be the top contender for the site.

During a session on X hosted by Nicolai Tangen, CEO of Norges Bank Investment Management, Musk announced Tesla’s plans to enter the Indian market. He emphasized the importance of India, the world’s most populous country, having access to electric cars, just like any other country. He also stated that it is a logical step for Tesla to offer their electric vehicles in India.

The Centre introduced a new Electric Vehicle (EV) policy in March with the goal of positioning the country as a leading producer of EVs worldwide. The policy requires a minimum investment of Rs 4,150 crore, with no upper limit, in order to attract investments from established global EV companies.

The policy stipulates that in addition to meeting the minimum investment criteria, manufacturing facilities must be established in India within a period of three years. Furthermore, commercial production of EVs must begin within this timeframe and a domestic value addition (DVA) of at least 50 percent must be achieved within five years at the most.

In a statement, the Ministry of Commerce & Industry announced a policy that aims to grant Indian consumers access to cutting-edge technology, support the ‘Make in India’ campaign, and reinforce the EV ecosystem by encouraging healthy competition among EV manufacturers. This is expected to result in a significant increase in production volume, economies of scale, and reduced production costs. Additionally, the policy aims to decrease the reliance on imported crude oil, lower the trade deficit, and improve air quality in cities, ultimately having a positive impact on the health and environment of the country’s citizens.

Additionally, the ministry stated that DVA must meet a localization level of 25% by the third year and 50% by the fifth year during the manufacturing process.

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Disclaimer: This information is covered based on the latest research and development available. However, it may not fully reflect all current aspects of the subject matter.

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