Elon Musk Tesla

Elon Musk's Tesla is looking at potential locations in India for its proposed electric car manufacturing plant, with an investment ranging from $2 billion to $3 billion, according to a report by Financial Times.

India recently reduced import taxes on certain electric vehicles, as long as automakers invest at least Rs. 4,150 crore and will begin commercial production within three years.

Tesla intends to send a team from the United States in late April to scout sites for the plant, with a focus on states such as Maharashtra, Gujarat and Tamil Nadu because of their automotive hubs. While Haryana is also home to car plants, Tesla prefers states with ports to facilitate the export of cars.

This move by Tesla coincides with a slowdown in demand for electric vehicles globally, which led the company to report a decline in first-quarter deliveries. However, the company could consider setting up its battery plant similar to its “gigafactories” in California, Texas, Berlin and Shanghai.

India closes in on Tesla deal for electric vehicle imports and plant installation

Elon Musk has been trying to break into the Indian market for years, with ongoing talks between Tesla officials and Indian government representatives since last year.

The company has expressed interest in making an electric vehicle priced at $24,000 in India, along with a request for tax breaks on higher-priced models.

Tesla's potential entry into the Indian market could encourage more investment in electric vehicles and benefit local auto parts makers, analysts suggest.

See also  Redmi Buds 5A with ANC will launch in India on April 23

The Indian government mandates a localization level of 25% for the third year and 50% for the fifth year to avail lower customs duties on completely built units (CBUs), applicable to cars with a minimum price of $35,000 .

Industry experts believe this policy could facilitate access to global technologies, expand product ranges and improve cost competitiveness, ultimately promoting greater adoption of electric vehicles in India.

Source

For the Latest Jobs And Information Visit: Mksjobs.Com

Aslo Read: wpstuffy.com

Mobile Updates: Queenmobile.tech

Daily Update: Update24.live