Tesla CEO Elon Musk Eyes Significant Investments in India Following Meeting with PM Modi

In a meeting with India’s Prime Minister Narendra Modi during his state visit to the United States, Tesla CEO Elon Musk revealed that he is considering a significant investment in India. Modi has been actively encouraging the car manufacturer to expand its presence in the country, and an announcement regarding this investment is expected soon. Musk had previously planned to brief Modi on establishing a manufacturing base in India, as shared by a Reuters source.

Musk expressed his belief in India’s potential for a sustainable energy future, including solar power, stationary battery packs, and electric vehicles. He also expressed his hopes of bringing SpaceX’s Starlink satellite internet service to the country. Speaking to reporters after the meeting, Musk acknowledged Modi’s dedication to India, stating that he was pushing Tesla to make substantial investments in the country. He added, “I am confident that Tesla will be in India and will do so as soon as humanly possible.”

India’s foreign ministry spokesperson later tweeted that Modi had invited Musk to explore investment opportunities in India’s electric mobility and rapidly expanding commercial space sector. In line with this, India is considering allowing select U.S. companies to collaborate with Indian firms for investments in its space industry. The country aims to increase its private space companies’ global launch market share five-fold within the next decade, having opened doors for private launches in 2020.

Executives from Tesla visited India last month and engaged in discussions with Indian officials regarding the establishment of manufacturing facilities for cars and batteries. Musk had previously stated that Tesla would likely finalize the location for a new factory by the end of this year, highlighting India as an interesting prospect.

This move aligns with the broader goal of U.S. companies reducing their reliance on China as a manufacturing base amidst tensions between the two nations. Tesla had put its plans for entering the Indian market on hold last year due to high import tax structures.

Modi’s meeting with Musk came shortly after Twitter co-founder Jack Dorsey accused India of threatening to shut down the platform for non-compliance with content takedown orders during protests in 2020-2021. Musk, who is the owner of Twitter, responded to this by emphasizing that companies like Twitter must adhere to local government laws to avoid shutdowns.

As the collaboration between Tesla and India gains momentum, stakeholders eagerly anticipate further updates on the investment and potential growth in the sustainable energy and space sectors in the country.

Read the original article on Financial Reports