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The clouds of speculation over the entry of Elon Musk’s electric vehicle company Tesla in India have dissipated. Tesla has officially announced its entry into the Indian market and soon Tesla cars can be seen running on Indian roads. Musk’s company also plans to set up an EV manufacturing plant in India. Now another big update has come out in this regard.
Piyush Goyal made this claim
According to a report in India Today, Union Commerce and Industry Minister Piyush Goyal says that Elon Musk is not only going to set up a Tesla plant in India, but is also going to create the entire ecosystem of Tesla in India. This means that Elon Musk’s EV company will not only manufacture its various electric vehicle models in India, but will also source as many components as possible locally.
In fact, India is rapidly trying to become a global hub of manufacturing. For this, the government has started many PLI schemes and the campaign of self-reliant India is being promoted.
This company overtakes Tesla
India becomes important for Elon Musk’s company Tesla for other reasons also. Till just a few months ago, Tesla had been the largest electric car company for a long time. However, now it has received a big blow from China’s electric car company BYD, which has overtaken Tesla to become number one in terms of sales. India is currently the fifth largest vehicle market in the world and there is immense potential in the electric car segment.
Path for entry into India cleared
The Indian government recently announced a new EV policy, paving the way for Tesla’s entry in India. India has given tax exemption on import of EVs, which Tesla had been demanding for a long time. However, the condition to avail the benefit of this scheme is that the company will have to start manufacturing its cars in India within 3 years.
Musk is coming to India next week
According to reports, Tesla has started making right-hand drive models keeping the Indian market in mind at its factory in Germany. Tesla’s team is also going to come to India and finalize the location for the manufacturing plant. Elon Musk himself is going to visit India on 21-22 April. It is estimated that Elon Musk may announce an investment of 2 to 3 billion dollars during his visit to India.
