Thursday, March 4, 2021

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Tesla Looking to Start Operation in India with Visit of Elon Musk?

Is Tesla’s Indian dream finally coming true? Elon Musk, the CEO of Tesla hinted that he might be visiting India next year and this statement of his is making big news in the Indian business circles. After his 3 days long trip to China, Elon Musk was asked on Twitter about his plans to visit India. In response to the Tweet, Elon Musk said, “probably early next year.”

Elon Musk last visited India in 2007 when he attended the International Astronautical Congress held in Hyderabad. Elon Musk is a huge fan of the vibrant India food and is expected to make another visit to India soon.

The curious case of Tesla and India’s relationship

The relationship between India and Tesla has rather been dramatic and complicated. Tesla wanted to enter the Indian automobile industry in early 2017 and the company even found affluent buyers for the taking. Each of these buyers paid $1000 each to reserve a Tesla car each for themselves without even caring for the final cost of the car. But then India’s firm local sourcing norms did not go Tesla’s way and the plans got derailed.

Since then the debut of Tesla in India has been in a doubt even though India made it clear that the strict norms did not apply to Tesla. In May 2018, Elon Musk said that Tesla will prepare to enter the Indian market when he gets a green signal from the company’s chief financial officer, Deepak Ahuja.

Tesla joins hands with China

Tesla signed an agreement on Tuesday in Shanghai to build a plant for the production of electric vehicles, which will be located in the urban area of Linggan near the port of Yangshan in China. This was reported by the newspaper YICAI.

According to the document signed with the Lingang District Administration and the Lingang Corporation, Tesla will fully invest in the construction of the electric cars with an annual output of up to five hundred thousand cars.

The Telsa investment includes investment in the manufacturing, as well as the future promotion of the cars in the local market. About what amount of investments is a not clearly known, however, local media estimates that the Telsa investment will become one of the largest in the history of Shanghai from the point of view FDI.

More News at EurAsian Times

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