Posted on 04/10/2024 8:33:27 AM PDT by SunkenCiv
Tesla (TSLA.O), opens new tab chief Elon Musk will visit India this month to meet Prime Minister Narendra Modi and is expected to make an announcement on plans to invest and open a new factory in the country, two sources with direct knowledge said.
The billionaire will meet Modi in the week of April 22 in New Delhi, and will separately make an announcement about his India plans, said the two sources, who declined to be named as the trip details are confidential.
Reuters is first to report details of Musk's planned India visit. Modi's office and Tesla did not respond to requests for comment. Musk's final India trip agenda could still change.
Musk would be visiting India just as it heads into a two-month-long election with nearly a billion voters, starting April 19, in which Modi is widely seen winning a rare third term.
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.
The Tesla CEO will be accompanied by other executives during his visit, said the first source.
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...
Tesla has also begun production of right-hand drive cars at its German plant for export to India later this year, sources have said.
(Excerpt) Read more at reuters.com ...
This one was stubborn, I felt like Khan in ST II:TWoK -- "he tasks me and I will have him."
Tesla's likely entry into India is gaining momentum and in the latest development it is seen to be in talks with none other than Mukesh Ambani to drive into what is one of the biggest automobile markets in the world. Hindu BusinessLine reported citing sources that the leading US electric vehicle company is currently in discussions with Reliance Industries regarding a potential joint venture to establish a manufacturing facility in the country.
A person familiar with the situation told the newspaper that discussions have been ongoing for more than a month at the initial stages and the initiative should not be interpreted as RIL's foray into the automotive sector. The objective of RIL in the joint venture is stated to be the development of electric vehicle capabilities in India, the source added.
ET Online has not verified the story.
Another source said that although RIL's specific role has not been finalised, it is anticipated that the Indian conglomerate will likely have a substantial involvement in setting up the manufacturing facility and the associated ecosystem for Tesla in India.
Tesla CEO Elon Musk on April 9 had said it will be a natural progression for Tesla to provide electric vehicles in India. Musk's statement came amid reports about Tesla scouting for a location to set up its factory in India...
According to reports from news wire agency ANI, sources indicated that Maharashtra and Gujarat have presented attractive land proposals to Tesla Inc. for the setup of an electric vehicle (EV) manufacturing facility. Additionally, discussions with the Telangana government are reportedly underway for a similar arrangement with the EV giant.
The proposed facility, which will draw an investment of approximately $2 billion to $3 billion, seeks to address the demand for Tesla's electric vehicles both within India and abroad.
Earlier this month, Reuters reported citing sources the company has commenced the production of right-hand drive vehicles at its facility in Germany. These cars are intended for export to India later this year, signaling Tesla's progress toward potential entry into the world's third-largest automotive market...
In 2023, Reliance had collaborated with Ashok Leyland to introduce India’s inaugural heavy-duty truck powered by a hydrogen internal combustion engine. Additionally, RIL revealed removable and swappable batteries for electric vehicles the previous year.
India's electric vehicle (EV) market, although modest in size, is experiencing steady growth and is currently led by domestic automaker Tata Motors. Electric models accounted for 2% of total car sales in 2023, yet the government aims to increase this figure to 30% by 2030.
In January, VinFast, a Vietnamese competitor to Tesla, announced plans to invest $2 billion in India and initiated the construction of an EV factory in Tamil Nadu state.Musk, Ambani on a drive? Tesla likely seeks JV with Reliance for Indian EV manufacturing | The Economic Times | Last Updated: Apr 10, 2024
Getting ready to leave California for good?
I think he moved the HQ to Austin TX a while back.
But not the factory.
The subsequent factories exceed the capacity of the Cali plant, but (contrary to recent claims) demand remains strong. Eventually the Cali plant will be superfluous capacity, and it will then be either repurposed (for battery production) or sold, probably to whatever Demagogic Party nitwit is governor at that time.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.