Elon Musk to visit India later this month

India's EV policy hopes to be a manufacturing hub

Gujarat, Maharashtra top destinations

Tesla CEO Elon Musk is slated to visit India later this month to meet with Prime Minister Narendra Modi, as per reports. The purpose of the meeting is to discuss Musk’s plans to invest in India and establish a new Tesla factory in the country. Scheduled for the week of April 22 in New Delhi, the meeting is expected to include an announcement regarding Tesla’s intentions for India.

Earlier reports hinted at Tesla officials scouting potential locations in India for a manufacturing plant, with an estimated investment ranging from $2 billion to $3 billion. 

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Sources suggest that Tesla is in initial talks with Reliance Industries Limited (RIL) to form a joint venture for the plant’s construction.

Various locations across India, including Gujarat and Maharashtra, are being considered for the plant, with Maharashtra emerging as the preferred choice. Musk, in a recent discussion, emphasized Tesla’s commitment to enter the Indian market, citing the country’s burgeoning population and the increasing demand for electric vehicles (EVs).

India’s new Electric Vehicle (EV) policy, introduced in March, aims to position the country as a global EV manufacturing hub. 

The policy mandates a minimum investment of Rs 4,150 crore with no maximum limit, aiming to attract investments from renowned global EV manufacturers. Additionally, the policy outlines a three-year timeline for setting up manufacturing facilities, commencing commercial production, and achieving 50% domestic value addition within five years.