Elon Musk Confirms India Visit, Anticipates Meeting with PM Modi
Elon Musk, the CEO of American electric car manufacturer Tesla, has officially announced his upcoming visit to India and his scheduled meeting with Prime Minister Narendra Modi. Taking to X, Musk expressed his eagerness to meet with PM Modi during his visit to India.
Sources indicate that Musk is expected to arrive in India during the week of April 22. During his visit, he is likely to unveil Tesla’s investment plans in the country. This visit comes after Musk’s meeting with PM Modi in June last year, where he had expressed intentions to visit India in 2024 and expressed confidence in Tesla’s entry into the Indian market.
The timing of Musk’s visit coincides with the Indian government’s recent announcement of a new electric vehicle (EV) policy. Under this policy, companies establishing manufacturing units in India with a minimum investment of USD 500 million will receive import duty concessions. This move aims to attract major global players like Tesla to set up operations in the country.
As per the policy, companies setting up EV manufacturing facilities will be permitted to import a limited number of cars at lower customs/import duty rates for a period of five years. This initiative seeks to position India as a preferred manufacturing destination for EVs and stimulate investment from renowned global manufacturers.
Tesla had previously approached the Indian government seeking duty cuts to import its vehicles into India. Musk had reiterated Tesla’s interest in the Indian market but emphasized the necessity of being allowed to sell and service its cars in the country before considering local manufacturing.
In August 2021, Musk had hinted at the possibility of setting up a manufacturing unit in India contingent upon the success of imported vehicles. He had cited India’s high import duties as a barrier to Tesla’s entry into the market.
Musk’s visit holds significant implications for Tesla’s future in India and underscores the country’s evolving stance on EV adoption and manufacturing.
