After meeting with Indian Prime Minister Narendra Modi on his US visit to promote development in the world’s most populous country, Tesla CEO Elon Musk claimed that the company is likely to make a big investment in India.
After the discussion, Musk told reporters, “I’m confident that Tesla will be in India and we’ll do so as soon as humanly possible.” A big investment and partnership with India is likely, but we do not want to make any announcements just now.
After a year of silence, Tesla and India resumed talks in May. During Tesla’s recent trip to India, company executives met with government officials to discuss local sourcing of parts and incentives, but the meeting did not result in a proposal to establish a facility.
Musk, who has been courted repeatedly by Indian officials to produce electric cars in the nation, has announced that he will travel there in 2024. Leaders in Asia’s third-largest economy hope to capitalize on the thawing ties between Beijing and Washington by marketing their country to businesses that want to reduce their reliance on China.
The tweet below verifies the news:
Tesla is likely to make a significant investment in India, Elon Musk says after meeting with Narendra Modi during the Indian Prime Minister’s US visit https://t.co/p0q4gO7scH
— Bloomberg (@business) June 21, 2023
A person familiar with the preparations, who requested not to be identified discussing private affairs, said that Modi met with more than twenty prominent people during his time in New York.
US National Security Adviser Jake Sullivan said last week at an industry event in New Delhi that a key focus of Modi and US President Joe Biden’s meeting scheduled for Thursday would be to collaborate on critical and emerging technologies between US and Indian companies, and to reduce regulatory barriers standing in the way of trade in strategic areas.
A message submitted to Tesla via its listed press email address went unanswered. India’s Ministry of External Affairs and Ministry of Road Transport and Highways representatives did not return calls seeking comment.
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Musk has been seeing potential sites for Tesla’s second manufacturing facility. Earlier this month, he met with French President Emmanuel Macron, who stated that his country would promote its attractiveness as a potential factory location, but that it would be up to the automaker to evaluate European project chances.
Another possible suitor is Italy. Musk has been talking plant openings with other Asian countries. According to President Yoon Suk Yeol’s office, he mentioned South Korea as a promising investment destination back in November.
Musk stated a final decision would be made after a thorough analysis of investment conditions, including those pertaining to human resources and technological advancements. According to a Bloomberg News article from early this year, Tesla is very nearly finalizing a contract to establish a factory in Indonesia that would build as many as one million vehicles annually.
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