Elon Musk, CEO of SpaceX and Tesla and proprietor of X, previously often called Twitter, attends the Viva Technology convention devoted to innovation and startups on the Porte de Versailles exhibition centre in Paris, France, June 16, 2023.
| Photo Credit: Reuters
Tesla chief Elon Musk is ready to announce an investment in India of $2-$3 billion, primarily for constructing a brand new manufacturing facility, when he visits New Delhi subsequent week to meet Prime Minister Narendra Modi, two sources accustomed to the discussions mentioned.
Mr. Musk will meet Mr. Modi on Monday during his India journey, when the billionaire is predicted to unveil his plans to enter the world’s third-largest auto market the place electrical automotive adoption continues to be in its infancy.
India’s EV market is small however rising and dominated by native carmaker Tata Motors. EVs made up simply 2% of complete automotive gross sales in 2023, however the authorities is focusing on 30% of recent automobiles to be EVs beginning 2030.
Mr. Musk’s go to comes as Tesla battles slowing gross sales within the main markets of the United States and China, and has this week introduced layoffs affecting 10% of its workforce.
Details of Mr. Musk’s India go to are closely-guarded, with the CEO solely publicly confirming on his social media platform X that he’ll meet Mr. Modi in India.
The two sources mentioned Mr. Musk will likely give an investment determine for India with out sharing particulars akin to a timeline or an Indian state the place the plant might be constructed.
Tesla didn’t instantly reply to a request for remark.
For years, Mr. Musk opposed India’s excessive import taxes for EVs and lobbied for a change. India’s authorities in March unveiled a brand new EV coverage decreasing import taxes to 15% from as excessive as 100% on some fashions if a carmaker invests no less than $500 million and units up a manufacturing facility.
Tesla has already began scouting for showroom area in New Delhi and Mumbai, and its Berlin manufacturing facility is producing right-hand drive automobiles it goals to export to India beginning later this 12 months, Reuters has reported.
Mr. Musk can be likely to attend an occasion organised by the Indian authorities in New Delhi with area startups, the 2 sources mentioned.
Mr. Musk owns U.S. area firm SpaceX.
