Tesla, the renowned electric car maker, might soon make its debut in India, hinted Elon Musk, the CEO of Tesla Motors.
Musk’s recent statement, “The natural progression is to provide Tesla electric vehicles in India,” has sparked excitement about the company’s interest in Indian markets, as per a Reuters report.
Furthermore, recent news from ANI suggests that Tesla is gearing up to establish a state-of-the-art manufacturing plant in India. Both Maharashtra and Gujarat state governments have offered prime land to Tesla for this purpose.
The proposed plant, with an estimated investment of $2-3 billion, aims to meet the growing demand for Tesla’s electric vehicles, both domestically and internationally. This move resonates with India’s new EV policy, which emphasizes sustainable transportation and reducing carbon emissions.
Under the government scheme to attract global EV manufacturers, Tesla would need to invest a minimum of Rs 4150 crore and achieve significant domestic value addition. Additionally, the government mandates that manufacturers source 25 percent of parts locally by the third year, increasing to 50 percent by the fifth year.
Tesla is currently scouting locations in India for its manufacturing facility, considering factors such as infrastructure and logistics, as per the ANI report. Additionally, the company has commenced production of right-hand drive models in Germany, which are expected to hit the Indian market later this year.
Moreover, Tesla India Motor and Energy Pvt Ltd has leased office space in Pune, marking its official presence in the country.
Also, research firm Counterpoint predicts a 66 percent increase in electric vehicle sales in India this year, following a nearly doubled growth in 2023. With Tesla’s potential entry, the Indian EV market is poised for significant transformation and growth.
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