Tesla to invest in India, Musk informs after meeting Modi

Press Trust of India

New York: Tesla Inc, the world’s largest electric car producer, is looking to make a significant investment in India, said its chief Elon Musk, who saw India as holding more promise than any other large country around the globe. Musk, after meeting Prime Minister Narendra Modi, said he plans to visit India in 2024. “I am confident that Tesla will be in India and we will do so as soon as humanly possible,” Musk told reporters after the meeting.

“We don’t want to jump the gun on an announcement, but I think it’s quite likely that it will be a significant investment, a relationship with India.” India, the world’s thirdlargest energy consumer, is pitching as an alternate destination for investment for US companies in a bid to capitalise on the growing chill between Beijing and Washington.

Musk, who has been scouting for the location of Tesla’s next factory and is reportedly considering France, South Korea and Indonesia as possible destinations, said India has strong potential for sustainable energy including solar power, stationary battery packs and electric vehicles.

Calling himself “a fan” of Modi, he said the prime minister “really cares about India because he is pursuing us to make a significant investment in India.” “Great meeting you, Elon Musk. We had multifaceted conversations on issues ranging from energy to spirituality,” Modi tweeted after the meeting. Musk replied back, saying “It was an honor to meet again.”

“Great conversation with @NarendraModi,” he said. Tesla has been in talks with Indian authorities for months now. It has already registered its business under the name Tesla India Motors and Energy Pvt.

Ltd and has also been testing its vehicles in the country. But it wants the government to reduce import taxes on electric vehicles and components. Government officials have previously stated that the EV maker should first start production in India before tax benefits can be considered.