Jobaaj Stories
Elon Musk, the visionary CEO of Tesla, took to social media today to express his keen anticipation for an upcoming meeting with India’s Prime Minister Narendra Modi. The announcement comes amidst mounting speculation regarding Musk’s plans to visit India, reinforcing earlier reports of his interest in exploring investment opportunities in the country.
In a recent post on X, a social media platform owned by Musk, he shared his excitement about the impending meeting, though refrained from disclosing the exact date of his visit. Sources suggest that Musk is expected to make his way to India this month, with intentions to unveil ambitious investment plans, including the establishment of a new manufacturing facility.
Looking forward to meeting with Prime Minister @NarendraModi in India!
— Elon Musk (@elonmusk) April 10, 2024
This revelation by Musk aligns with his previous interactions with PM Modi. During a visit to the United States in June of the previous year, Musk had expressed his admiration for Modi and his eagerness to expand Tesla’s presence in India at the earliest opportunity.
The timing of Musk's announcement coincides with India’s recent introduction of a progressive electric vehicle (EV) policy aimed at attracting investment from global automotive manufacturers. The policy entails a significant reduction in import taxes, up to 85%, for a select range of EVs, in a bid to incentivize foreign investment in the burgeoning EV sector.
Under the new policy, automotive companies can import a specified quota of passenger electric vehicles at a reduced import duty of 15% for vehicles valued at a minimum of $35,000 (approximately â‚ą29 lakh), valid for a period of five years.
To qualify for these benefits, EV manufacturers must commit to investing a minimum of â‚ą4,150 crore ($500 million) and establish manufacturing operations within three years in India. Additionally, these companies are required to achieve a 50% domestic value addition within five years, with an interim target of 25% by the end of the third year.
Tesla, known for its pioneering efforts in the EV industry, is reportedly exploring potential locations for a manufacturing plant in India, a venture estimated to necessitate an investment of around $2 billion. Representatives from Tesla are expected to visit India in April to further evaluate opportunities for collaboration and investment.
Musk’s enthusiasm for the meeting with PM Modi underscores the growing significance of India as a key market for Tesla and other global players in the EV sector. The outcome of this meeting could potentially pave the way for substantial investments and technological advancements in India’s automotive industry, while also bolstering the country’s position as a leader in sustainable transportation.
