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Tesla Eyes Entry into Indian Market: EV Giant’s Next Move

Akash Patil
Akash Patil

08 Jun 2024, 02:07 PM

2 Mins read

1.7K
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Tesla’s founder, Elon Musk, on Friday congratulated Narendra Modi for his election’s victory, and he further hinted at his interest in working in India.
Teslas founder Elon Mus 2
Teslas founder Elon Mus

Musk had been seeking import duty reductions in India to facilitate selling Tesla cars in the country.However, when the Government of India declared a 15% cut on import duties if the manufacturer met certain conditions, this became good news for Tesla.

In June last year, Musk met with Modi during the latter’s US visit and stated that he planned to visit India in 2024 while expressing confidence that Tesla would enter the Indian market soon.

In a report by Reuters, Musk was quoted as saying, “The natural progression is to provide Tesla electric vehicles in India.” Previously, there were reports that Tesla is looking for a location to set up its factory in India. Maharashtra and Gujarat reportedly extended land offers to Tesla for setting up the factory.

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Teslas founder Elon Mus
In July last year, Tesla said they wanted to build a factory in India to make a car that costs around Rs 17,30,000. They also asked for lower taxes on fancier models they want to sell in India.
Tesla’s entry into the Indian market will hold immense potential for the country’s economy and environment. The establishment of a manufacturing plant and increased procurement of auto parts from India will foster economic growth, create jobs, and strengthen the domestic manufacturing ecosystem.
The Tesla team has been exploring opportunities in different states across India, particularly focusing on Maharashtra, Gujarat, and Tamil Nadu, which already have numerous car manufacturing facilities.
Earlier this year, the Indian government announced a new EV policy, paving the way for Tesla to come to the country.

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