“Elon Musk Highlights Tesla’s Entry into India as Natural Progression Towards Electric Mobility”

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Elon Musk, the CEO of Tesla, has emphasized the significance of India’s transition to electric vehicles (EVs) by stating that it’s a “natural progression” for Tesla to provide electric cars in India, just like in other countries. This statement comes amid Tesla’s strategic plans to establish a manufacturing presence in India and contribute to the country’s burgeoning electric mobility landscape.

Musk’s remarks were made during a session with Nicolai Tangen, the CEO of Norges Bank Investment Management, where he highlighted the growing importance of EVs globally and the inevitability of all vehicles going electric in the future.

Tesla’s efforts to enter the Indian market have gained momentum, with reports indicating that the state governments of Maharashtra and Gujarat have offered attractive land deals for Tesla’s manufacturing plant. This move aligns with India’s new EV policy, which aims to incentivize global EV manufacturers to set up manufacturing units in India and promote domestic value addition.

Under this policy, Tesla is expected to make a significant investment of USD 2-3 billion for its manufacturing plant, catering to both domestic and international markets. The policy also outlines objectives such as attracting investments from reputable EV manufacturers, promoting advanced EV technology adoption, and supporting the Make in India initiative.

In terms of import regulations, the policy imposes a 15% customs duty on EVs valued at USD 35,000 or more for five years if manufacturers establish manufacturing facilities in India within three years. This tariff reduction scheme aims to limit the total number of EVs allowed for import based on the investment made by the manufacturer.

Tesla’s plans for India include sending a team of experts to scout suitable locations for the manufacturing facility. Elon Musk had previously expressed his intention to visit India in 2024 and praised Prime Minister Narendra Modi’s support for Tesla’s entry into the Indian market.

Moreover, Union Minister for Commerce and Industry Piyush Goyal’s visit to Tesla’s manufacturing facility in California highlighted the growing collaboration between India and Tesla in the EV supply chain, reflecting India’s rising prominence in the global EV sector.

As Tesla gears up for its entry into India, the company’s vision aligns with India’s ambitious goals for sustainable and technology-driven transportation, marking a significant stride towards a cleaner and greener automotive future.

Sources By Agencies