Elon Musk Says Tesla Will Enter India "As Soon As Possible"

tendata blogTrade Trends News

ten data blog03-07-2023

According to a CNN report, Tesla CEO Elon Musk said after meeting with Indian Prime Minister Narendra Modi in New York on June 20 that the company wants to invest in India "as soon as possible.

"(Modi) really cares about India because he's pushing us to make a lot of investments in India, and that's what we intend to do. We're just trying to figure out the right time to do it." Musk told reporters.

He said, "I believe Tesla will be in India and will be in India as soon as possible." But he did not specify a timeline. Musk said he tentatively plans to visit India next year.

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Tesla has been seeking entry into India

Elon Musk has said for years that a Tesla launch in India is imminent, but high import duties have made it difficult. Nonetheless, the automaker has shown some signs in the last year that preparations are underway for the launch.

In 2021, Tesla officially registered its Indian company in Bangalore, the capital of the southern Indian state of Karnataka. This summer, Indian government officials said they were considering Tesla's proposal to significantly reduce import duties on electric cars, which has been a major barrier to the company's entry into the market.

The government has been imposing high import tariffs on electric cars to encourage local production, but so far the main result has been to prevent automakers from importing popular electric cars made abroad, including in China.

Tesla has expressed interest in building a factory in China, but as it has done in other markets, the automaker prefers to test the waters with imported cars first.

Things picked up earlier this year when Tesla sent a team to negotiate with Indian officials, and according to local reports, Tesla has agreed to build a factory in India to enter the market.

New Tesla factory to be built?

On June 20, Musk said he had a "wonderful meeting" with Modi and was "very excited about the future of India.

"(Modi) really wants to do the right thing for India. He wants to open up, he wants to support these companies. And obviously, at the same time, to make sure that this benefits India." Musk said.

Tesla currently has a superfactory in Asia, located in Shanghai. The Shanghai plant is Tesla's largest car manufacturing facility outside the U.S. and accounts for more than half of Tesla's global deliveries in 2022.

As Reuters reported at the time , Musk said at an event last month that the company could choose a site for a new Tesla factory by the end of this year, and India is an interesting choice.

Both China and India have been working to attract global electric vehicle investment and boost the industry.

On June 21, China announced it would extend tax breaks for consumers purchasing new energy vehicles, including pure electric vehicles, plug-in hybrids and fuel cell vehicles, until 2027 in its latest effort to boost sales and production of the world's largest vehicle . Electric vehicle market. The current policy allows new energy vehicles to be exempt from purchase tax until the end of 2023.

Tax breaks are expected to reach 520 billion yuan ($72.3 billion) from 2024 to 2027, Xu Hongcai, vice minister of finance, said at a June 21 news conference in Beijing.

The news comes after senior officials at a State Council meeting earlier this month said they would study ways to promote the development of new energy vehicles and optimize tax exemptions.

Musk visited China from May 30 to June 1 for the first time since the outbreak and met with a series of government officials to discuss electric vehicle development and Tesla's operations in the country.

He also toured the Shanghai mega-factory, thanking workers and saying they produce the "highest quality" Tesla cars in the world in the "most efficient production method.

Before leaving, Musk also met with Shanghai Party Secretary Chen Jining, who encouraged him to increase investment and operations to "bring more new products, new technologies, new services" to Shanghai, according to a government statement.

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