Key Points
. Tesla may be close to unlocking a massive new market.. . CEO Elon Musk is due to arrive in India next week for a visit that is expected to include a meeting with Prime Minister Narendra Modi and confirmation that Tesla plans to build a factory in the worlds most populous country.. . Musk posted last week on X that he is looking forward to meeting Modi..
Apart from Tesla (TSLA), Musk is also the boss of rocket company SpaceX and X, formerly Twitter.. . Currently the worlds fourth richest man, Musk is likely to announce an investment of $2 billion to $3 billion in the South Asian country, mainly for building the new Tesla factory, Reuters and Financial Times reported, citing anonymous sources.. ..
The billionaire reiterated his ambitions to make it in the South Asian nation earlier this month, when he saidin an X Spaces livestream interview thatit is a natural progression to provide Tesla electric vehicles in India.. . Musks push into the Indian markethas been in the worksfor years.. ..
In 2017, he said Tesla was planning to sell cars in India as soon as that summer.But the plan wasdelayedbecause of the companys efforts to negotiate lower import duties with the Indian government.. . Musktweetedin 2021 that Tesla wanted to enter India, but import duties are the highest in the world by far of any large country.. . Tesla had sought to slash the duties, but the Indian government wanted the company to make cars locally before considering any tax breaks.. ..
Last month, it announced anew policylowering taxes on some electric cars made by global automakers, if the manufacturer invests at least half a billion dollars in the country and sets up a local plant.. . India isnt the only Asian nation where Tesla has plans..
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