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Tesla Set To Enter India

By Linus Garg
First publised on 2024-04-12 03:31:02

About the Author

Sunil Garodia Linus tackles things head-on. He takes sides in his analysis and it fits excellently with our editorial policy. No 'maybe's' and 'allegedly' for him, only things in black and white.

After the EV policy was changed recently and made more attractive for those willing to invest $800mn or more in India by allowing them import duty concessions on EV vehicle parts, it was a given that EV major Tesla would set up shop in the country. An indication for the same has now been received with the news that Tesla chief Elon Musk will be visiting India later this month and is likely to meet Prime Minister Modi to firm up his company's entry into the Indian market. Musk posted on X (earlier Twitter) that he looked forward to his meeting with the Indian Prime Minister.

Tesla has been doing the groundwork of entering the lucrative Indian market for years. It had been petitioning the government for concessions. But the government did not want to go overboard in welcoming the EV giant. Still, with the recent policy change, it is expected that Tesla will invest anywhere between $2-3bn in setting up manufacturing facilities in India to start with its entry-level electric cars, likely to be priced at around Rs 25 lakh. There will be more investments in downstream units.

Tesla has been under pressure in the US after its share prices had slumped. It is looking for new markets and the Indian market offers a huge opportunity. With the government pushing for EVs and the market still largely untapped, the demand for an aggressively priced, entry-level electric car is there. Hence, Tesla is likely to go all out to seek further concessions and guarantees from the government and enter the Indian market in a big way.

Tesla's entry is also likely to shake up the EV market in India. The company is known to aggressively push its products through various means and the Indian market for electric cars has remained stagnant despite the government's efforts to provide subsidy. High price of EVs has remained an obstacle for most buyers and it remains to be seen if Tesla can overcome that. 

image courtesy: CNBC (caption ours)

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