Billionaire entrepreneur Tesla Chief Elon Musk is likely to visit India next week to meet Prime Minister Narendra Modi. “Looking forward to meeting with Prime Minister Narendra Modi in India”, Musk posted on X.
Musk will meet Modi in the week of April 22 in New Delhi, and will separately announce his investment plans in India. Musk is likely to announce a new manufacturing facility in the country.
Musk’s visit to India is in backdrop of a new Electric Vehicle (EV) policy, under which import duty concessions will be given to companies setting up manufacturing units in the country with a minimum investment of USD 500 million, a move aimed at attracting major global players like US-based Tesla.
Tesla’s push into India comes as slowing EV demand in its main U.S. and Chinese markets coincides with intensifying competition from Chinese automakers. Tesla reported a drop in first-quarter deliveries that missed analyst estimates. India’s EV market is small but growing and dominated by local carmaker Tata Motors. EVs made up just 2 per cent of total car sales in 2023. The government is targeting 30 per cent by 2030.
