News Brief
Amid Declining Sales And Increased Competition From China, Elon Musk Says Entry In India Will Be "Natural Progression"
Tesla CEO Elon Musk
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.
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.
Latest
