Elon Musk's Tesla to look for sites in India to set up $2-3 billion EV plant

Prameyanews English

Published By : Prameya News Bureau | April 04, 2024 IST

Elon Musk's Tesla to look for sites in India to set up $2-3 billion EV plant

New Delhi, April 3: After the Prime Minister Narendra Modi-led government approved a new electric vehicle (EV) policy to attract investments in the EV space by global manufacturers, Tesla is reportedly sending a team this month to search for locations in the country for a $2-3 billion plant.

According to a report in The Financial Times on Wednesday, citing sources, the Elon Musk-run company “would send a team from the US by late April to study sites for the plant”.

The team would reportedly focus on states like Maharashtra, Gujarat and Tamil Nadu which have EV infrastructure in place as well as ports which makes it easier for the company “to export cars”.

Tesla did not comment on the report.

In the new EV policy, the government has reduced the customs duty to 15 per cent, with certain riders.

This now paves the way for Musk to enter the Indian market.

Last year, PM Modi met Musk in the US and appreciated his efforts at making technology accessible and affordable in various sectors.

The Prime Minister invited Musk to explore opportunities in India for investments in electric mobility and the rapidly expanding commercial space sector.

In the new EV scheme, the government mentioned that a minimum investment of Rs 4,150 crore (about $500 million) will be needed to set up manufacturing facilities and production started within three years and reach 25 per cent DVA (domestic value addition) by three years and 50 per cent DVA within 5 years at the maximum.

(IANS)

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