Elon Musk may announce Tesla’s entry in India after meet with PM Modi on April 22
The long-awaited announcement of Tesla Inc’s entry into India will likely happen on April 22 after a meeting between Prime Minister Narendra Modi and billionaire Elon Musk, a senior government official said.
To be sure, there are not likely to be many specifics in the communique.
“Expect a general announcement that the US-based EV (electric vehicle) maker is coming into India not a site-specific one. To announce a specific site Tesla typically needs board approval, which may happen only later. For now, Musk may welcome the EV policy and say that he looks forward to being in Indian market soon,” the official, who spoke on the condition of anonymity, said.
“It is more of a signalling,” this official added
The Tesla chief executive confirmed the chatter around his India visit on April 10. “Looking forward to meeting with Prime Minister Narendra Modi in India!” he said in a post on X, the microblogging platform he now controls.
Musk and Modi last met in New York in June. Tesla had for months lobbied India to lower import taxes on EVs while it mulled setting up a factory in the country.
Last month, the Indian government unveiled a new EV policy slashing import taxes to 15 percent from 100 percent on some models if a manufacturer invests at least $500 million and sets up a factory too.
Musk’s visit comes bang in the middle of the bustle of the general election, polling for which starts April 19, in which Modi and his Bharatiya Janata Party are widely seen winning a rare third term.
The official added that Musk will arrive in India on April 21 and will meet Modi the following day.
On the meeting, the official said that a press release and video after the interaction may be expected, but no media briefing is likely.
Tesla’s potential India plans
The idea eventually is to make India a base for manufacturing Tesla’s low-cost EV variant, priced at Rs 20-25 lakh.
Tesla’s more premium cars too may be manufactured here, the official said, adding that “the plan is that Musk makes EVs in India at a price point which will be of a more affordable range”.
Tesla has begun production of right-hand drive cars at its plant in Germany for export to India later this year, Reuters reported earlier this month.
“Our expectation is that when Musk builds a low-cost vehicle in India just like Apple, a lot of these will also get exported to other South and Southeast Asian countries and even Africa. So besides catering to the domestic market, it can also cater to exports,” the official added.
Tesla’s potential pivot towards India comes as slowing EV demand in its main US and China markets coincides with intensifying competition from Chinese automakers.
India’s EV market, which is small but growing, is dominated by Tata Motors with its products in this sector making up for just 2 percent of total car sales in 2023. The government has set an ambitious target of 30 percent by 2030.
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