Elon Musk Delays Visit to India
Tesla’s CEO Elon Musk postponed his trip to India to meet Prime Minister Narendra Modi, citing obligations at his Tesla automaker.
Reason for Delay
“Unfortunately, very heavy Tesla obligations require that the visit to India be delayed, but I do very much look forward to visiting later this year,” Musk posted on his X account.
Tesla’s Plans for India
Musk’s trip was to have included the announcement of plans for the electric vehicle (EV) maker to enter the South Asian market, according to reports.
- Tesla lobbying Indian government to reduce import taxes on electric vehicles
- Considering setting up a factory in India
India’s New EV Policy
India recently introduced a new EV policy, cutting import taxes to 15 per cent from the former 100 per cent for some models. This comes with the expectation that the manufacturer invests a minimum of $500 million and establishes a factory.
Tesla’s Expansion Plans
Earlier reports indicated that Tesla officials were set to visit India this month to identify locations for a manufacturing plant, requiring an investment of approximately $2 billion.
- Tesla producing right-hand drive cars at its German facility for exports to India
Market Trends
Tesla’s move into the Indian market coincides with slowing demand for electric vehicles in the US and China. The company recently reported a decline in first-quarter deliveries.
- Indian electric vehicle market on the rise, led by local automaker Tata Motors
