Elon Musk's visit : Tesla's investment and expansion in India

Elon Musk, CEO of Tesla, is set to visit India in April to meet with Prime Minister Narendra Modi. Musk confirmed this on X, expressing anticipation for the meeting.

Elon Musk's visit to India

The primary agenda will be to discuss Musk's plans to invest in India and establish a new Tesla factory.Tesla is considering investing $2 billion to $3 billion in a manufacturing plant in India. Talks are underway with Reliance Industries Limited (RIL) for a potential joint venture.
Gujarat and Maharashtra are being considered as potential sites for the Tesla plant, with Maharashtra being favored.

Musk reiterated Tesla's intention to enter the Indian market during a recent discussion. He emphasized the need for electric vehicles in India, given its growing population.India introduced a new Electric Vehicle (EV) policy to promote itself as a global hub for EV manufacturing. The policy aims to attract investment from global EV manufacturers, with a minimum investment requirement of Rs 4,150 crore.

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Policy objectives

The EV policy aims to provide Indian consumers with access to advanced technology, boost the 'Make in India' initiative, and create healthy competition among EV manufacturers.Manufacturers must set up facilities within three years, start commercial production of EVs, and achieve 50% domestic value addition (DVA) within five years.
The policy is expected to lead to high-volume production, economies of scale, lower production costs, reduced crude oil imports, lower trade deficits, reduced air pollution in cities, and positive health and environmental impacts.

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