Tesla's Indian investment not as soon as Musk breaks off communication: Report

 

4/7/2024,  

Elon Musk's team did not contact New Delhi authorities again following his cancellation of a trip there in late April.

 

According to persons familiar with the situation, India doesn't anticipate Tesla Inc. making an investment there anytime soon after executives at Elon Musk's electric vehicle company ceased communicating with them.

 

The people, who asked not to be named because they are not permitted to speak publicly, claimed that since the billionaire postponed a trip to India in late April, Musk's team hasn't followed up with New Delhi officials.

 

According to them, the government has been informed that Tesla is experiencing financial difficulties and has no immediate plans to make any investments in India.

Citing urgent concerns at the company, Musk cancelled a scheduled trip to India in April that included a meeting with Prime Minister Narendra Modi.

 

When he first announced his visit, India had just lowered import levies on electric vehicles (EVs) from foreign manufacturers that pledged to invest at least 41.5 billion rupees ($497 million) and start manufacturing EVs from a local factory within three years.

 

The sources assert that instead, India's government is depending on homegrown manufacturers like Tata Motors Ltd. and Mahindra & Mahindra Ltd. to increase EV manufacture. They added Tesla would still be welcome to take advantage of the new import tax structure if Musk decided to return to the game.

 

underscoring the nation's expanding EV market. Many individuals are reluctant to switch to driving electric cars since they are more expensive at first and there are fewer charging outlets. 

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