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New Delhi: Tesla and SpaceX CEO Elon Musk is coming to satisfy Prime Minister Narendra Modi in India. Elon Musk posted on X (previously Twitter) that he’s trying ahead to assembly PM Modi in India. In keeping with studies, Elon Musk will likely be in India on April 21 and 22. The billionaire will likely be within the nation for 48 hours. Musk will meet Prime Minister Narendra Modi and different authorities officers in addition to business representatives.
Why Tesla-Led Elon Musk Is Eager On India Entry?
Elon Musk’s curiosity in getting into the Indian market with Tesla is fueled by a number of components. From India’s rising curiosity in electrical autos to its huge market potential, Musk sees a golden alternative. However what precisely attracts him to this South Asian large?
As everyone knows, curiosity in electrical automobiles is quickly rising in India, however the market continues to be small. Final yr, solely 6 electrical automobiles had been offered out of 100, whereas in China, the determine is 22. In India, 80,000 automobiles had been offered final yr, whereas Tesla alone sells 1.8 Lakhs automobiles.
The potential is very large in India. This promising alternative is a major issue driving Elon Musk’s resolution to develop Tesla’s presence within the Indian market. (Additionally Learn: Mahindra XUV 3XO: How Will This SUV Differ From XUV300?)
Earlier, Tesla was not all in favour of exploring the Indian market because of heavy duties on electrical automobiles. India has been imposing 100% import taxes on electrical automobiles, that means a Tesla priced at Rs 29 Lakhs rupees would price round 60 Lakhs rupees in India.
Now, the federal government has modified its coverage. Any firm investing 500 million {dollars} and establishing a manufacturing unit as properly in India can promote automobiles by paying a 15% import tax. There’s hope that Tesla’s automobiles will likely be out there for round 35 Lakhs rupees.
To recall, Elon Musk and PM Modi met in New York in June. Tesla requested India many occasions to scale back import taxes on electrical automobiles.
Reportedly, Tesla would possibly make investments $3 billion to construct a manufacturing unit for making inexpensive electrical automobiles in India. These automobiles, presumably the Mannequin 2, may price round Rs 25 lakh. Elon Musk may additionally reveal intentions to introduce Starlink, providing satellite tv for pc web in India. Nevertheless, the regulatory approvals for Starlink are within the last levels, and the corporate is more likely to obtain a license quickly. (Additionally Learn: 2024 Hyundai Creta Surpasses 1 Lakh Bookings, 71% Purchased Sunroof Fashions)
Tesla at the moment has two automobile manufacturing amenities outdoors the US — close to Berlin (Germany) and in Shanghai (China). Tesla’s entry into India offers the nation’s Make-in-India venture a giant increase after it received one other mega model Apple to fabricate iPhones in India.
