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Tesla Investments: Reuters, Musk Set to Meet Modi

Tesla's leader Elon Musk, gears up for a much-anticipated visit to India this month to visit Prime Minister Modi
April 10, 2024

In a highly anticipated move, Tesla's visionary chief, Elon Musk, is poised to grace Indian shores this month, marking a pivotal moment for the country's burgeoning tech landscape. Musk's visit, scheduled in the week of April 22nd, holds promises of significant announcements, including plans for substantial investments and the establishment of a new factory in India.

Sources close to the matter, who preferred anonymity due to the sensitive nature of trip details, disclosed that Musk is slated to meet Prime Minister Narendra Modi in New Delhi. Additionally, a separate announcement regarding Tesla's India ventures is expected to be made during the visit. Musk will be joined by key executives, underlining the gravity of the occasion.

While details of Musk's final itinerary remain subject to change, his impending visit underscores Tesla's sustained efforts to gain a foothold in the Indian market. This strategic move comes on the heels of Tesla's persistent advocacy for reduced import taxes on electric vehicles in India and deliberations regarding the establishment of a local manufacturing base.

India's recent unveiling of a revamped EV policy, which slashes import taxes and incentivizes local manufacturing, has further fueled Tesla's ambitions in the region. With an eye on setting up a manufacturing plant requiring a hefty investment of around $2 billion, Tesla officials are slated to explore potential sites during their visit this month.

Moreover, Tesla's proactive steps include the commencement of right-hand drive car production at its German plant, paving the way for exports to India later this year. Musk's recent endorsement of electric vehicles in India underscores the natural alignment between Tesla's mission and India's burgeoning EV market potential.

As Tesla expands its global footprint, India emerges as a strategic frontier amidst evolving dynamics in traditional markets. With ambitions to capture a significant share of India's nascent EV market, Tesla's foray into the country holds immense promise for the future of sustainable mobility.

As Elon Musk prepares to engage with Indian authorities and stakeholders, anticipation runs high for the dawn of a new era in India's tech landscape, propelled by Tesla's visionary pursuits.

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