Winning Bizness Desk
Mumbai. Elon Musk’s company, Tesla Inc., has started hiring in India, signaling its potential entry into the country soon. On February 17, Tesla announced job openings for 13 positions on LinkedIn, mainly related to customer service and backend operations. This development follows Tesla CEO Elon Musk’s recent meeting with Prime Minister Narendra Modi during his US visit.
Past Challenges and Recent Policy Changes
Tesla and the Indian government have engaged in on-and-off discussions for years, but high import duties kept Tesla from entering the Indian market. However, India has now reduced import duties on cars priced above $40,000 (approximately ₹35 lakh) from 110% to 70%. This policy change has revived Tesla’s interest in launching its operations in India.
Tesla’s Plans for an Indian Factory
According to media reports, Tesla is also exploring locations for setting up a manufacturing plant in India. The company is prioritizing states with well-established automotive hubs such as Maharashtra, Gujarat, and Tamil Nadu. Finding a suitable location is crucial for Tesla’s plans to establish a local supply chain and manufacturing ecosystem in India.
Elon Musk’s Role in Trump’s New Government Department
In November, after winning the US presidential election, Donald Trump announced the formation of the Department of Government Efficiency (DoGE) to provide external advisory support to the government. Trump appointed Elon Musk and Indian-origin businessman Vivek Ramaswamy as the department’s heads. However, Ramaswamy was later removed from this role.
Tesla’s Stock Performance
Tesla’s current market capitalization stands at approximately $1.12 trillion (₹97.37 lakh crore). The company’s stock is priced at $355.84 per share. Over the past year, Tesla's stock has surged by 83.65%, while in the last six months alone, it has risen by 59.77%. These figures highlight Tesla’s strong market performance and investor confidence.
Tesla’s Most Affordable Model: Model 3
Tesla currently sells six electric vehicles in the American market: Model S, Model 3, Model X, Model Y, the new Model Y, and the Cybertruck. Among them, the Model 3 is the most affordable, priced at $29,990 (approximately ₹26 lakh). The Model 3 can cover 535 kilometers on a full charge, making it an attractive option for electric vehicle buyers.
Elon Musk: The World's Richest Person
Elon Musk remains the richest person in the world, with a net worth of ₹34.23 lakh crore. Following him on the wealth list are Meta’s Mark Zuckerberg, with ₹22.06 lakh crore, and Amazon’s Jeff Bezos, with ₹21 lakh crore.
Tesla's hiring efforts and factory plans indicate that the company is serious about entering the Indian market. With a policy shift favoring EV investments, India may soon witness Tesla’s expansion, bringing global competition to the country’s electric vehicle sector.
