Business News: Elon Musk, CEO of Tesla, confirmed his upcoming visit to India in a post on X (formerly Twitter), expressing anticipation for a meeting with Prime Minister @NarendraModi. Reports suggest that during his visit, Musk may unveil investment plans, potentially including the establishment of a new factory. Musk previously described introducing Tesla electric vehicles in India as a ‘natural progression.
Looking forward to meeting with Prime Minister @NarendraModi in India!
— Elon Musk (@elonmusk) April 10, 2024
The visit of the Tesla CEO is anticipated to include other company executives, as reported by news agency Reuters. While the meeting is anticipated to occur in the last week of April, Elon Musk has not disclosed any specific details regarding the arrangements.
Will this be Elon Musk’s initial encounter with PM Modi?
During PM Modi’s visit to the US in June of the previous year, the two met. During this interaction, the billionaire discussed his intention to visit India in 2024 and indicated that Tesla would soon enter the Indian market, according to reports at the time.
What modifications have been made to the Centre’s EV policy before Elon Musk’s arrival?
The government recently introduced a new electric vehicle policy, offering import duty concessions to companies establishing manufacturing facilities in India with a minimum investment of USD 500 million.
Is Tesla on the verge of entering the Indian market?
The company had previously requested duty cuts from the Indian government to import its vehicles into the country. In 2022, Elon Musk emphasized that Tesla would refrain from manufacturing its products unless permitted to sell and service its cars in India. A year prior, Musk had suggested the possibility of Tesla establishing a manufacturing unit in India contingent upon the success of imported vehicles in the country. However, Tesla expressed its desire to launch vehicles in India, citing concerns over the country’s exceptionally high import duties compared to other major nations.