In India's E-Vehicle Push, Musk Likely To Meet Modi In Delhi With Investment Offer - Vibes Of India

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In India’s E-Vehicle Push, Musk Likely To Meet Modi In Delhi With Investment Offer

| Updated: April 11, 2024 18:02

Tesla chief Elon Musk is likely to meet Prime Minister Narendra Modi shortly in India, and the billionaire entrepreneur is expected to make an announcement on investment and a factory in the country.

“Looking forward to meeting with Prime Minister Narendra Modi in India!”, he said in a post on X after Reuters first reported details of Musk’s planned India visit this month.

The billionaire will meet Modi in the week of April 22 in New Delhi.
Musk would be visiting India just as it heads into a two-month-long election starting April 19, in which Modi is eyeing a third term at the helm.

A Tesla investment announcement during the election would bolster the business-friendly credentials of Modi, who has for years courted foreign companies to set up manufacturing operations in India and create jobs.

Musk and Modi last met in New York in June, and Tesla for months lobbied India to lower import taxes on electric vehicles while it weighed up a factory there. India last month unveiled a new EV policy lowering import taxes to 15% from 100% on some models if a manufacturer invests at least $500 million and sets up a factory too.

Reuters has previously reported that Tesla officials are expected to visit India this month to look at sites for a manufacturing plant that would require an investment of about $2 billion.

Tesla has also begun production of right-hand drive cars at its German plant for export to India later this year, sources said.

Tesla’s push into India comes as slowing EV demand in its main U.S. and Chinese markets coincides with intensifying competition from Chinese automakers. Tesla reported a drop in first-quarter deliveries that missed analyst estimates.

India’s EV market is small but growing and dominated by local carmaker Tata Motors. EVs made up just 2% of total car sales in 2023. The government is targeting 30% by 2030.

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