New Delhi: Elon Musk, the CEO of Tesla, has announced on X, a social media platform he owns, his anticipation for an upcoming meeting with India’s Prime Minister Narendra Modi. This disclosure aligns with earlier speculation about Musk’s plans to travel to India.
In a recent post, Musk expressed his excitement about the meeting, although he did not specify the date of his visit.
Looking forward to meeting with Prime Minister @NarendraModi in India!
— Elon Musk (@elonmusk) April 10, 2024
Reports earlier in the day from Reuters suggested that Musk is slated to visit India this month, with intentions to disclose investment plans in the country, including the establishment of a new manufacturing facility.
Musk, who also founded SpaceX, had previously met with PM Modi during a visit to the U.S. in June of the previous year, where he proclaimed himself a “fan” of Modi and voiced his eagerness for Tesla’s expansion into India, aiming to do so “as soon as humanly possible.”
This announcement of Musk’s forthcoming visit follows closely on the heels of India’s unveiling of a new electric vehicle (EV) policy aimed at significantly reducing import taxes—by up to 85%—for a select number of EVs. This move is designed to lure investments from renowned global manufacturers into the country.
The newly introduced policy allows automotive companies to import a certain quota of passenger electric vehicles at a diminished import duty of 15% for vehicles valued at a minimum of $35,000 (about ₹29 lakh), valid for a duration of five years.
To benefit from this policy, EV manufacturers are required to commit to an investment of at least ₹4,150 crore ($500 million) and to establish manufacturing operations within three years in India. Furthermore, these companies must achieve a 50% domestic value addition within five years, with an interim target of 25% by the end of the third year.
According to earlier reports by Reuters, Tesla representatives are expected to visit India in April to explore potential locations for a manufacturing plant, an endeavor estimated to require around $2 billion in investment.
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