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Tesla ready to invest up to $2 bln to build India factory, but with riders

Reuters · 2y ago

Tesla ready to invest up to $2 bln to build India factory, but with riders

According to a report by the Economic Times, Tesla is willing to invest up to $2 billion to establish a factory in India if the government lowers import duty on its vehicles to 15% for the first two years. The company is also open to investing $500 million if the reduced duty applies to 12,000 vehicles. The government is still evaluating the feasibility of Tesla's proposal.

Related News

Tesla's Elon Musk likely to unveil $2-$3 billion India investment during visit

Livemint

Livemint · 1y ago

Tesla's Elon Musk likely to unveil $2-$3 billion India investment during visit

Tesla CEO Elon Musk is planning to invest $2-$3 billion in India, primarily to build a new factory, during his visit to meet with Prime Minister Narendra Modi. Musk's visit comes as Tesla faces slowdown in sales in the US and China. India's electric vehicle market is small but growing, with the government targeting 30% of new cars to be electric by 2030. Musk has been critical of India's high import taxes for EVs, but the government recently announced a policy to lower these taxes if carmakers invest at least $500 million and establish a factory.

Tesla CEO Elon Musk to visit India, meet PM Modi and announce investment plans: Report

Thehindubusinessline

Thehindubusinessline · 1y ago

Tesla CEO Elon Musk to visit India, meet PM Modi and announce investment plans: Report

Elon Musk, the CEO of Tesla, plans to visit India in April to meet with Prime Minister Narendra Modi. During the visit, Musk is expected to make an announcement regarding Tesla's investment plans and the opening of a new factory in India. Tesla has been lobbying for lower import taxes on electric vehicles in India and has been in talks to set up a manufacturing plant in the country. India recently unveiled a new EV policy that lowers import taxes for manufacturers who invest at least $500 million and set up a factory.

Tesla To Send Team To India To Scout Locations For $2-$3 Bn EV Plant

Inc42 · 1y ago

Tesla To Send Team To India To Scout Locations For $2-$3 Bn EV Plant

Tesla is sending a team to India to scout locations for its first factory in the country, which is expected to cost between $2 billion and $3 billion. The team will explore potential sites in Maharashtra, Gujarat, and Tamil Nadu, chosen for their access to ports for easy exports. This move comes after the Indian government approved a policy offering lower import duties to EV companies that set up manufacturing facilities in the country. Tesla plans to produce a cheaper electric car, the "Model 2," by the end of 2025 at the Indian factory.

Tesla proposes building battery storage factory in India

Economic Times

Economic Times · 2y ago

Tesla proposes building battery storage factory in India

Tesla is reportedly planning to manufacture and sell battery storage systems, particularly its "Powerwall" product, in India. The company has submitted a proposal to Indian officials seeking incentives to build a factory for this purpose. Tesla's Powerwall is designed to store power from sources like solar panels or the grid for use during outages or at night. While Tesla sought incentives for the battery storage factory, Indian officials conveyed that these wouldn't be available but suggested the government might offer subsidies to buyers of such products. The proposal aligns with India's goal of increasing non-fossil fuel power capacity.

Elon Musk coming to India this month, may announce Tesla's India plan during meeting with PM Modi

Economic Times

Economic Times · 1y ago

Elon Musk coming to India this month, may announce Tesla's India plan during meeting with PM Modi

Tesla CEO Elon Musk is scheduled to visit India later this month to meet with Prime Minister Narendra Modi. During the visit, Musk is expected to announce his plans to invest in and open a new factory in the country. Sources reveal that the meeting is planned for the week of April 22 in New Delhi. Tesla officials are also expected to explore potential sites for a manufacturing plant that would require an investment of approximately $2 billion. Neither Modi's office nor Tesla have commented on the matter.

Tesla may head to India on incentive-paved road

Economic Times

Economic Times · 1y ago

Tesla may head to India on incentive-paved road

US electric automaker Tesla is reportedly close to setting up operations in India, as the government plans to extend concessional import duties on electric cars for 2-3 years. Tesla is willing to invest up to $2 billion if the Indian government offers reduced import duty of 15% on imported electric cars in the first two years of operation. The move aims to accelerate local manufacturing and bring down prices of electric vehicles through localisation. However, Indian automakers are cautious about any reduction in import duty, fearing an unfair advantage for Tesla.

Tesla firms up plans for Rs. 2.4 lakh crore investments to set up base in India

Inc42 · 2y ago

Tesla firms up plans for Rs. 2.4 lakh crore investments to set up base in India

Tesla is reportedly considering a $30 billion investment in India over the next five years, as it actively explores entering the Indian market. The funds would be primarily used for establishing a manufacturing facility, battery ecosystem, and other related industries. The company is in talks with the Indian government and is considering locations in Haryana, Tamil Nadu, Maharashtra, and Gujarat for the potential factory. Tesla aims to build the factory within three years and launch its first car in two years. The move is part of Tesla's diversification plan to shift production from China.

In April 2016 Elon Musk invited Indians to book Tesla Model 3s, now they’re asking for the money back as car never came… | Mint

Livemint

Livemint · 1y ago

In April 2016 Elon Musk invited Indians to book Tesla Model 3s, now they’re asking for the money back as car never came… | Mint

In 2016, Tesla opened preorders for its Model 3 in India. However, due to concerns about taxes and building a factory in the country, Tesla has yet to deliver cars in India. Other automakers have since launched their own electric vehicles (EVs) in India, and the EV market has evolved significantly. Tesla's position has also changed, with slowing sales and the need for more affordable cars. India's domestic auto market is dominated by Maruti Suzuki, Hyundai, and Tata Motors, and EV sales still represent a small portion of total car sales. To succeed in India, Tesla would need to build affordable EVs in the country and establish a robust charging network.

Tesla plans to nearly double India component sourcing to $1.9 bln - minister

Reuters · 2y ago

Tesla plans to nearly double India component sourcing to $1.9 bln - minister

India's commerce minister, Piyush Goyal, has announced plans for a new policy aimed at attracting electric vehicle (EV) manufacturers and encouraging greater investment in the sector. This move comes as Tesla continues discussions with the Indian government about potentially establishing a factory in the country. The new policy may include incentives for automakers that commit to local manufacturing and aims to promote domestic EV production and investment in the sector.

You might soon see Tesla cars on Indian roads

Economic Times

Economic Times · 2y ago

You might soon see Tesla cars on Indian roads

India is reportedly nearing an agreement with Tesla that would enable the electric car manufacturer to import its vehicles to India from next year and establish a factory within two years. A potential announcement could be made at the Vibrant Gujarat Global Summit in January. Tesla would consider an initial minimum investment of about $2 billion for the plant and aims to increase auto parts purchases from India to around $15 billion. No final decision has been made, and plans could change.

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