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Swarajya Staff
April 04, 2024, 12:09 pm | Updated at 12:24 p. m. IST
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U. S. electric car maker Tesla Motors will send a team this month to scout sites in India for a $2 billion to $3 billion electric car factory project, the Financial Times (FT) reported on Wednesday, citing other people familiar with the matter.
Tesla’s team would concentrate on states with existing automotive hubs, adding Maharashtra and Gujarat in the west and Tamil Nadu in the south, according to the report.
The company’s announced efforts to manufacture electric cars (EVs) in India come after New Delhi last month issued a new policy of cutting electric vehicle prices on a limited number of EV imports for companies engaged in producing them in the country within three years.
The policy is seen as aimed at facilitating Tesla’s access to India, as the automaker has pushed for tariff cuts as a precondition for making investments in production operations in the country.
It’s possible that Tesla will simply explore other sites near the capital, given that the neighboring state of Haryana is home to several car factories.
However, Elon Musk’s company will mainly concentrate on the other three states with ports, making it easier to export cars, according to the report.
One of the other people close to Tesla’s plans said the company plans to start with a $2 billion to $3 billion investment in the Indian auto plant. Suppliers would invest billions of dollars more, making it one of the largest foreign investments in India. ” he said.
The company expects the plant to reach production of 500,000 cars a year when it reaches full capacity, FT said, citing sources.
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