Tesla's Electric Revolution in India: Elon Musk's Vision

April 12, 2024, 3:50 pm
Financial Times
Financial Times
Location: United Kingdom, England, City of London
Employees: 11-50
Founded date: 1888
Tesla
Tesla
Location: United States, Texas, Austin
Employees: 10001+
Founded date: 2003
Total raised: $3.86B
Tesla CEO Elon Musk sees India as the next frontier for electric vehicles, calling it a "natural progression" for his company to enter the Indian market. Musk believes that all vehicles will eventually go electric, and Tesla is gearing up to make a significant investment in India to establish a state-of-the-art manufacturing plant. The Indian government's new EV policy, which offers incentives for setting up manufacturing plants in the country, has paved the way for Tesla's entry into the Indian electric mobility landscape. With plans to invest between USD 2 billion to USD 3 billion, Tesla aims to cater to both domestic and international markets for its electric vehicles. The policy also mandates a minimum investment threshold and encourages manufacturers to achieve significant levels of domestic value addition, signaling a strong push towards local manufacturing and technology adoption. As Elon Musk prepares to meet with India's Prime Minister Narendra Modi to discuss potential investment plans, the future of electric vehicles in India looks promising, with Tesla leading the charge towards a sustainable and eco-friendly transportation revolution.