Connect with us

Business & Finance

Report: Elon Musk to announce Tesla’s entry into India following meeting with PM Modi on April 22

Published

on

Elon Musk may announce Tesla's entry in India after meet with PM Modi on April 22: Report

Elon Musk is anticipated to announce Tesla’s entry into the Indian market following a meeting with Prime Minister Narendra Modi on April 22, as reported by MoneyControl. The announcement will not be site-specific as it requires board approval, with Musk likely to welcome the EV policy and express eagerness to enter the Indian market soon.

The government official, who spoke on the condition of anonymity, revealed that Musk’s visit to India was confirmed earlier this month through a post on X, the microblogging platform owned by Musk. Despite Musk’s 48-hour visit to India, he will not address the media directly, with a press release and video expected to be released after his interaction with PM Modi.

Tesla has been lobbying the Indian government for months to reduce import taxes on electric vehicles, as they consider setting up a factory in the country. In response, the Centre announced a revised EV policy in March, slashing import taxes to 15% from 100% on certain models, contingent on a manufacturer investing at least $500 million and establishing a factory in India.

Additionally, the application for a license for Musk’s satellite venture, Starlink, is currently under review by the government, with a focus on security aspects. The FDI and financial aspects are reportedly aligned with requirements, and ownership details have been submitted by Starlink. Musk previously met with PM Modi in New York last year, indicating ongoing discussions between Tesla and the Indian government.

Click to comment

You must be logged in to post a comment Login

Leave a Reply

Trending