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Elon Musk, Tesla’s CEO, has officially confirmed his plans to visit India later this month. He said he looks forward to meeting Prime Minister Narendra Modi during his visit.
Musk’s tweet follows reports from Reuters, which claimed that he would be visiting India sometime in April and discussed some aspects of setting up a Tesla factory in the country.
Analysts suggest that Musk may unveil Tesla’s plans for investment in its Indian factory, which includes establishing a new factory in India. Reports indicate that the meeting is expected to take place in New Delhi during the week of April 22.
Musk’s agenda for the meeting
While specific details are still under wraps and have not been made public, the Reuters report, which first mentioned Musk’s visit to India, suggests that Musk will have an extensive schedule of meetings with several government officials and potential partners and investors for the upcoming launch of Tesla and its operations in the country.
Musk will also discuss plans for suitable locations for its main manufacturing plant, which will require an investment of around $2 billion. This aligns with Musk’s recent remarks on India’s burgeoning market for electric vehicles during a discussion with Nicolai Tangen, CEO of Norges Bank Investment Management.
Several Indian states, such as Maharashtra, Gujarat, and Telangana, have reportedly offered Tesla attractive land options for establishing a manufacturing facility.
India’s EV policy
Musk’s visit coincides with the Indian government’s recent announcement of a new EV policy. This policy offers major concessions on exorbitant import duties to companies that invest at least $500 million in local manufacturing units.
The policy aims to position India as a preferred destination for EV manufacturing and attract investments from leading global players like Tesla.
This visit marks a significant development in Tesla’s engagement with the Indian market, following previous discussions on import duties and manufacturing feasibility.
Musk’s visit, coupled with the Indian government’s supportive policies, signals a potential milestone in Tesla’s entry into India’s rapidly growing electric vehicle market.
