Infrastructure
Tesla's Rapid Reversal: Partnership With Ramkrishna Forgings Hits Brakes Just Two Days After Announcement
Swarajya Staff
Apr 24, 2024, 12:46 PM | Updated 12:46 PM IST
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
US electric carmaker Tesla Motors has put on hold its partnership with Kolkata-based Ramkrishna Forgings Limited (RKFL), days after its CEO Elon Musk postponed his India visit.
"Further to our earlier press release dated April 18, 2024, it is hereby notified that USA's Largest Electric Passenger Vehicle manufacturer has vide a subsequent communication put on hold its earlier approval in relation to supply of power train components, by Ramkrishna Forgings Limited," RKFL said in a regulatory filing on 20 April.
On 18 April, Ramkrishna Forgings had announced that it had secured approval from the USA's largest electric passenger vehicle manufacturer to provide powertrain components.
While the manufacturer's identity remained undisclosed in the initial disclosure, insiders confirmed it to be Tesla, owing to its prominent position in the electric vehicle industry in the US.
The partnership with Tesla would have represented the Ramakrishna Group's entry into the American electric passenger vehicle (EV) segment, as highlighted in a filing with the stock exchange.
Earlier on 21 April, Elon Musk announced a surprise change of plans postponing his much-anticipated India visit where he was expected to announce his investment plans in the country.
“Unfortunately, very heavy Tesla obligations require that the visit to India be delayed, but I do very much look forward to visiting later this year,” Musk said in a social media post.
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
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.
