News Brief
Amid Declining Sales And Increased Competition From China, Elon Musk Says Entry In India Will Be "Natural Progression"
Nayan Dwivedi
Apr 09, 2024, 01:48 PM | Updated 01:48 PM IST
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In a recent X Spaces session with Nicolai Tangen, CEO at Norges Bank Investment Management, Tesla CEO Elon Musk has mentioned the necessity for India to adopt electric cars.
"India is now the most populous country in the world, based on population. India should have electric cars just like every other country has electric cars. It's a natural progression to provide Tesla electric vehicles in India," Musk said, as reported NDTV.
Reports suggest that the proposed manufacturing plant, with an estimated investment between USD 2 billion to USD 3 billion, aims to serve both domestic and international markets.
Tesla's plans include sending a team of experts to scout suitable locations across India for the proposed manufacturing facility.
Also Read: Eight Indian States On Track To Surpass $1 Trillion Economy Mark By FY47 - Here's The List
Additionally, the Indian government is expected to invite applications for the EV tariff reduction scheme, allowing eligible companies to import EVs while ensuring a gradual transition towards local production.
Meanwhile, after a period of rapid expansion, the company has seen its sales fall and its once-enviable margins shrink particularly in the US markets.
The company’s stock, down 34 per cent this year, has been the worst performer in the S&P 500 index.
Recently, the company reported its first year-over-year decline in quarterly deliveries since 2020.
In China, wait times for new Tesla's fell to about a month by September 2022, down from over four months earlier in the year.
Also, Chinese carmakers, including EV leader BYD, are aggressively releasing more affordable electric vehicles, sparking a price war and gaining traction both domestically and internationally.
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Nayan Dwivedi is Staff Writer at Swarajya.
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