May 23, 2024

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Tesla Eyes Indian Market: Advisor Attends Meeting on EV Policy Before Musk’s Visit

 

 

Electric car giant Tesla is signaling its interest in the Indian market. In the lead-up to CEO Elon Musk’s upcoming visit, a Tesla advisor participated in a stakeholder consultation meeting on India’s new Electric Vehicle (EV) policy.

The meeting, held on Thursday, aimed to gather feedback from industry players to refine the guidelines for the new policy. Tesla, represented by its advisor The Asia Group (TAG), joined other stakeholders, including Vietnamese carmaker VinFast.

This development comes amidst anticipation surrounding Musk’s visit to India. During his meeting with Prime Minister Narendra Modi, discussions are expected to center on Tesla’s potential entry into the Indian market, possibly including a manufacturing plant.

India’s recent EV policy offers a potential incentive for Tesla. The policy provides import duty concessions for companies investing a minimum of $500 million in local EV manufacturing. This could significantly reduce the cost of Tesla vehicles in India, currently a major barrier due to high import duties.

Musk has previously expressed his desire to make Tesla cars accessible in India, mirroring the trend in other countries. With the new EV policy and his upcoming visit, Tesla appears to be taking concrete steps to establish itself in the Indian market.

While the advisor’s presence at the meeting signifies Tesla’s interest, it doesn’t guarantee a future investment. The meeting likely focused on gaining a deeper understanding of the policy and its implications for Tesla.

Whether Tesla decides to set up shop in India remains to be seen. However, Musk’s visit and Tesla’s engagement with the government are positive indicators for the Indian EV sector. This could lead to increased competition, innovation, and ultimately, more affordable electric vehicles for Indian consumers.

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