Elon Musk of Tesla will visit India in April to discuss investment plans with Prime Minister Modi: Report

Elon Musk of Tesla will visit India in April to discuss investment plans with Prime Minister Modi: Report

The two sources, who wished to remain anonymous due to the confidentiality of the trip specifics, said that the billionaire businessman would meet with Prime Minister Modi in New Delhi during the week of April 22 and will unveil his intentions for India separately.

According to two people with firsthand information, Tesla CEO Elon Musk is scheduled to meet with Prime Minister Narendra Modi in India this month and is anticipated to declare intentions to invest and establish a new plant there.

The two sources, who wished to remain anonymous due to the confidentiality of the trip specifics, said that the billionaire would see Modi in New Delhi during the week of April 22 and will unveil his intentions for India separately.

According to the initial source, the Tesla CEO will be visiting with other executives.

The first information on Musk's anticipated trip to India comes from Reuters. Both Tesla and Modi's office did not reply to demands for comment. The itinerary for Musk's last trip to India may possibly alter.

When Musk and Modi last met in June in New York, Tesla was considering building a plant in India and spent months lobbying that country to reduce import levies on electric cars. India announced a new EV policy last month that would reduce import duties on some models from 100% to 15% provided a company spends at least $500 million and establishes a facility.

As previously reported by Reuters, Tesla representatives are anticipated to go to India later this month to explore potential locations for a manufacturing facility that would need a $2 billion investment.

According to insiders, Tesla has also started producing right-hand drive vehicles at its German facility for shipment to India later this year.

This week, Musk said on X that "India ought to have electric vehicles, just as every other nation does." Introducing Tesla electric automobiles in India is a logical next step.

Tesla is expanding into India at a time when Chinese manufacturers are becoming more competitive and EV demand is slowing down in the company's primary markets in China and the United States. Tesla revealed a decline in first-quarter deliveries that was less than anticipated by analysts.

The domestic automaker Tata Motors TAMO.NS dominates the modest but rapidly expanding Indian EV sector. In 2023, EV sales accounted for barely 2% of all auto sales. By 2030, the government wants to reach 30%.