Tesla is reportedly planning to make a significant investment of up to $3 billion in India. The announcement is expected to be made during a planned visit with Prime Minister Narendra Modi. This investment is aimed at bringing Tesla vehicles to the country on a larger scale. The company has been working to establish a professional relationship with India for several years, and last year, CEO Elon Musk expressed confidence in Tesla’s presence in India at the earliest opportunity.
It has been reported that Musk and Tesla will announce an investment of between $2 billion and $3 billion, with a major portion of the investment expected to be used for building a new factory. With only 2 percent of total car sales in India comprising electric vehicles (EVs) last year, Tesla’s vehicles could contribute to wider adoption in the country. The short-term plans for the Indian market are not clear, as Tesla is still focusing on construction efforts at its planned factory in Mexico, along with recent workforce reductions. Despite the challenges, Tesla has shown a commitment to advancing its efforts in India.
Musk’s upcoming visit is an indication of the company’s determination to solidify its presence in the Indian market.