Confirming his inaugural trip to India, Elon Musk, the CEO of Tesla, expressed his anticipation of meeting Prime Minister Narendra Modi. Musk conveyed his excitement through a tweet on his official account, stating, “Looking forward to meeting with Prime Minister @NarendraModi in India!”
Sources suggest that during his first visit to India, Musk may unveil Tesla’s long-awaited plans to establish its first manufacturing plant in the country. The meeting between Musk and Prime Minister Modi is expected to take place on April 22 in New Delhi, as reported by Reuters. In addition to announcing Tesla’s entry into the Indian market, Musk is anticipated to divulge details regarding the company’s future endeavors in the country. However, the precise itinerary for Musk’s visit to India is yet to be finalized.
Earlier reports indicated that Tesla officials were scouting potential locations in India for the manufacturing facility, which is projected to require an investment of around USD 2 billion. Tesla’s keen interest in expanding its footprint in the Indian market is evident from its active pursuit of a suitable site for a state-of-the-art manufacturing plant. Both the governments of Maharashtra and Gujarat have reportedly extended attractive land offers to Tesla, signaling substantial progress in India’s electric mobility sector.
The proposed manufacturing facility, with estimated investments ranging from USD 2 billion to USD 3 billion, aims to cater to the burgeoning demand for Tesla’s electric vehicles, both domestically and internationally. This strategic move aligns with India’s new electric vehicle policy, which aims to promote sustainable transportation and curb carbon emissions. The government’s EV scheme aims to position India as a preferred manufacturing hub for electric vehicles equipped with advanced technology, with objectives including attracting investments from global EV manufacturers and encouraging the adoption of advanced EV technology among Indian consumers, thereby supporting the Make in India initiative.
Looking forward to meeting with Prime Minister @NarendraModi in India!
— Elon Musk (@elonmusk) April 10, 2024
Furthermore, Tesla’s entry into the Indian market is poised to have significant economic and environmental implications. The establishment of a manufacturing plant and increased sourcing of auto parts from India are expected to generate employment opportunities, spur economic growth, and bolster the domestic manufacturing ecosystem.