- By Aditya Pratap Singh
- Wed, 10 Apr 2024 06:04 PM (IST)
- Source:JND
Elon Musk to visit India: As the buzz around the electric car giant's Tesla entry into India gathers steam, Company CEO Elon Musk is reportedly likely to visit the country later this month. Musk is likely to meet Prime Minister Narendra Modi, according to a report by an agency citing sources.
As per reports Elon Musk will visit India this month to meet Prime Minister Narendra Modi and make announcements on investments in the country and plans to open a new factory. Musk will meet Prime Minister Narendra Modi in the week starting from April 22, media reports are claiming.
News agency Reuters reported that Elon Musk may announce Tesla's India plans after meeting Prime Minister Narendra Modi. The agency had earlier reported that Tesla teams are likely to visit India in April 2024 to identify two sites to set up a manufacturing facility for Tesla in India. The agency report said the project is valued at $2 billion. However, Officials' announcements from both sides are awaited.
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Earlier, Prime Minister Narendra Modi met Elon Musk during his visit to the US in June 2023.
India unveiled a new EV policy last month that reduced import tax on certain models from 100% to 15% if the manufacturer invests at least $500 million and also sets up a factory. According to reports, Tesla has also started production of right-hand drive cars at its German plant for export to India later this year.
Tesla's entry into India comes at a time when EV demand in the key US and Chinese markets is slowing and competition from Chinese automakers is intensifying. Tesla reported a decline in first-quarter deliveries that fell short of analyst expectations. India's EV market is small but growing and dominated by local carmaker Tata Motors. In 2023, EVs contributed just 2% of all car sales. The Union government has set a target of 30% by 2030.