Tesla’s CEO Elon Musk is expected to announce a monumental investment of USD 2-3 billion during his imminent visit to India, with the primary objective of establishing a groundbreaking new factory.
Scheduled to engage in discussions with Prime Minister Narendra Modi, Musk is set to unveil ambitious plans aimed at penetrating India’s esteemed position as the world’s third-largest automotive market.
While specific details regarding the timeline or location of the factory remain undisclosed, Elon Musk, and Tesla have already embarked on scouting locations for showrooms in Delhi and Mumbai.
Furthermore, Berlin facility of Musk is gearing up to commence the production of right-hand drive vehicles destined for export to India later this year.
India’s recent EV policy, revealed in March, offers a significant reduction in import taxes to 15% on specific models, contingent upon a minimum investment of USD 500 million and the establishment of a factory.
Additionally, Musk is anticipated to participate in a high-profile event organized by the Indian government in New Delhi, with a focus on fostering innovation in the space sector.
Click Here to get the latest EV news and exclusive updates from EV Mechanica on WhatsApp!
