Elon Musk to Visit India & Announce Investments: Report

Tesla CEO Elon Musk will visit India to meet Indian Prime Minister Narendra Modi. During it, he will reportedly announce the construction of a factory in the country.

Reuters sources said the visit will take place in about two weeks, on April 22. The meeting will take place in Delhi. A separate announcement about Tesla’s plans for India is expected to be made sometime during this time. Musk’s visit to India has been discussed for some time, but each time the information was obtained from sources who wished to remain anonymous.

UPDATE: Musk has now confirmed on X that he will be visiting India, but did not provide a date.

Meanwhile, media reports also emerged on Wednesday that Tesla is in talks with Indian conglomerate Reliance Industries. The companies may discuss collaboration as Tesla seeks local partners to work with once it launches its operations in India.

The company is supposedly considering Maharashtra and Gujarat in the west, and Tamil Nadu in southern India. At the moment, Haryana is also being considered as a possible location for Gigafactory construction. All the states mentioned have their advantages. Some have an established supply chain for automakers, and others have access to the sea, which would make it easier to export cars to foreign markets. Earlier, Drive Tesla reported that Tesla was going to send a team to India to find a better location.

It was also previously reported that the company was considering an initial investment of $2 to $3 billion in the Indian plant. Suppliers will invest billions more, making this investment one of the largest foreign investments in India. Tesla could later expand the Gigafactory to include its own battery production.

In March, the Indian government changed its policy on the import of electric vehicles. It aims to promote the country as an electric vehicle manufacturing hub. According to a government press release, companies must invest a minimum of $500 million in the country. They will have to establish local production within three years and purchase at least 25% of components from India. Companies that meet these requirements will be allowed to import 8,000 electric vehicles per year at a reduced import duty of 15%. This applies to electric vehicles costing $35,000 and up. Currently, India levies a tax of 70% to 100% on imported cars depending on their value.

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