Winning Bizness Desk
Mumbai. Elon Musk, CEO of Tesla and SpaceX, has announced plans to visit India later this year, following a recent phone conversation with Prime Minister Narendra Modi. Musk expressed his anticipation for the trip on social media platform X, stating it was an honor to speak with the Prime Minister and that he looks forward to visiting India.
Discussions on Technological Collaboration
The dialogue between Musk and Modi centered on potential collaborations in technology and innovation. This conversation builds upon their previous meeting in Washington, D.C., where they discussed various topics, including sustainable development and entrepreneurship.
Tesla's Prospective Entry into the Indian Market
Tesla is actively exploring the Indian market, with plans to establish a manufacturing presence. The company is considering locations in Maharashtra and Gujarat for setting up a production facility. Reports suggest that Tesla may invest between $2 billion and $3 billion in this venture.
India's New EV Policy Encourages Local Manufacturing
India's recently introduced Electric Vehicle (EV) policy aims to attract global EV manufacturers by offering incentives for local production. The policy requires a minimum investment of ₹4,150 crore (approximately $500 million) and mandates that manufacturers achieve 50% domestic value addition within five years. This initiative aligns with the 'Make in India' campaign, emphasizing the importance of local manufacturing and employment.
Tesla's Recruitment Drive in India
In preparation for its entry into the Indian market, Tesla has initiated a recruitment process, listing 20 job openings across Mumbai and Pune. The company plans to open its first showroom in Mumbai's Bandra Kurla Complex (BKC), signaling a significant step toward establishing its presence in India.
Musk's upcoming visit is anticipated to further solidify Tesla's plans in India, potentially leading to significant investments and collaborations in the country's burgeoning EV sector.
