Elon Musk's Tesla stopped investing in India, what is the reason?
Elon Musk's tesla stopped investing in india, what is the reason?
Tesla pauses investment plans in india after Elon Musk defers visit check. tesla has put its investment plans in india on hold. It has also been reported that negotiations with the indian authorities have been stopped. tesla owner Elon Musk's plan to visit india at the end of april was canceled at the last moment. As a result, the company's indian investment plans have also been put on hold. According to a report published by Bloomberg, no one on behalf of tesla has approached the indian authorities since Musk delayed his trip. The report cites that tesla is not planning any new investments in india anytime soon due to current capital issues.
What is the plan for India?
Elon Musk wants to visit india in april to meet prime minister Narendra Modi. But his trip was canceled due to urgent work. Notably, his visit was scheduled as india slashed import duties on EVs for foreign carmakers, promising significant local investment and production. indian officials say that while investment plans have been put on hold in the current environment, if tesla decides to re-engage it will be welcomed under the new import duty policy. Meanwhile, the government is eyeing domestic automakers such as Tata Motors Ltd and mahindra & mahindra Ltd to ramp up EV production. India's electric vehicle market is still growing. Battery-powered cars accounted for just 1.3 percent of total sales last year. High upfront costs and lack of charging infrastructure are major deterrents for potential buyers.
Tesla pauses investment plans in india after Elon Musk defers visit check. tesla has put its investment plans in india on hold. It has also been reported that negotiations with the indian authorities have been stopped. tesla owner Elon Musk's plan to visit india at the end of april was canceled at the last moment. As a result, the company's indian investment plans have also been put on hold. According to a report published by Bloomberg, no one on behalf of tesla has approached the indian authorities since Musk delayed his trip. The report cites that tesla is not planning any new investments in india anytime soon due to current capital issues.
What is the plan for India?
Elon Musk wants to visit india in april to meet prime minister Narendra Modi. But his trip was canceled due to urgent work. Notably, his visit was scheduled as india slashed import duties on EVs for foreign carmakers, promising significant local investment and production. indian officials say that while investment plans have been put on hold in the current environment, if tesla decides to re-engage it will be welcomed under the new import duty policy. Meanwhile, the government is eyeing domestic automakers such as Tata Motors Ltd and mahindra & mahindra Ltd to ramp up EV production. India's electric vehicle market is still growing. Battery-powered cars accounted for just 1.3 percent of total sales last year. High upfront costs and lack of charging infrastructure are major deterrents for potential buyers.