New Delhi: With the aim of expanding its global presence and tapping into India’s rising electric vehicle (EV) market, Tesla is now pursuing discussions with the Indian government to establish a local manufacturing facility.
The top EV maker plans to produce up to 500,000 electric vehicles annually, with prices starting at Rs 20 lakh, according to government sources cited by The Times of India.
Tesla’s interest in setting up a factory in India was initially expressed in May, and the company now aims to utilize the facility as an export base, mirroring its operations in China.
If successful, this ambitious plan could significantly contribute to India’s emerging EV market, offering a boost to the country’s industrial growth.
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The establishment of a local manufacturing base would be mutually beneficial for both Tesla and India.
For Tesla, it would grant access to the world’s fastest-growing market and cater to the increasing demand for electric vehicles.
Simultaneously, for India, it represents a major step towards positioning the country as a global manufacturing hub and advancing its presence in the EV sector.
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Tesla aims to make its electric cars more affordable in India with local production.
Previous attempts by Tesla to enter the Indian market were hampered by high tax rates, which rendered its already-expensive vehicles unaffordable for most Indian consumers.
However, this new approach of establishing a local manufacturing presence holds the promise of overcoming those obstacles and bringing Tesla’s electric vehicles within reach for a broader customer base.
Tesla’s plan to establish a local factory in India represents a significant milestone for the company, opening doors to a vast market and contributing to India’s industrial growth as a prominent player in the EV sector.