Tesla India investment in limbo
Tesla’s expected investment in India is in limbo. People familiar with the matter told Bloomberg that Tesla has not contacted officials in India about an investment for some time.
The information from Bloomberg’s sources should be taken with a grain of salt. Last month, Musk continued to hint that a few of his companies would come to India.
“Looking forward to my companies doing exciting work in India,” Elon Musk wrote in an X post.
Tesla’s foray into India has been teased on and off for the last few years. Then, in March, the Indian government announced an updated policy for electric vehicles (EVs).
The new policy makes India friendlier to automakers that want to import EVs into the country. The policy included two critical criteria. First, companies must invest at least $500 million in the country. Automakers must also set up local manufacturing facilities in India.
Shortly after the Indian government passed its new EV policy, Elon Musk was scheduled to visit India and meet with Prime Minister Narendra Modi. At the time, rumors spread that Tesla officials were already looking for sites to build facilities in India. Musk was expected to discuss Tesla investments in India with Modi.
In April, Elon Musk announced that his trip to India would have to be postponed due to “heavy Tesla obligations.”
The post Tesla India investment in limbo appeared first on TESLARATI.
Source: https://www.teslarati.com/tesla-india-investment/
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