Tesla CEO Elon Musk has officially confirmed his upcoming visit to India later this month, expressing anticipation for a meeting with Prime Minister Narendra Modi. Sources suggest that during his visit, Musk is expected to unveil Tesla’s investment plans in the country.

In a tweet posted on X, Musk expressed his eagerness to meet PM Modi.

Looking forward to meeting with Prime Minister @NarendraModi in India!— Elon Musk (@elonmusk) April 10, 2024

Reports from Reuters indicate that Tesla representatives will be visiting India this month to explore potential sites for a manufacturing facility. The proposed investment for this plant is estimated to be around $2 billion.

Musk, who views the introduction of Tesla electric vehicles in India as a natural progression, is anticipated to be accompanied by other senior executives from the company during his visit around April 22.

Despite repeated attempts, Tesla has not responded to queries regarding Musk’s visit. During a meeting with PM Modi in the United States last year, Musk had expressed his intention to visit India in 2024 and had expressed confidence in Tesla’s imminent entry into the Indian market.

Musk’s visit coincides with the Indian government’s recent announcement of a new electric vehicle policy. Under this policy, companies investing a minimum of USD 500 million in manufacturing units in India will receive import duty concessions. The aim is to attract major global players like Tesla to set up operations in India.

According to the new policy, companies establishing manufacturing facilities for electric vehicle passenger cars will be permitted to import a limited number of vehicles at a reduced customs duty rate of 15% for a period of five years. This initiative is part of India’s strategy to position itself as a manufacturing hub for electric vehicles and attract investments from renowned global manufacturers.

Previously, Tesla had approached the Indian government seeking reductions in import duties to facilitate the import of its vehicles into India. In 2022, Musk had stated that Tesla would refrain from manufacturing its products in India unless allowed to first sell and service its cars in the country.

By : Kruthiga V S

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