Elon Musk, who sees the introduction of Tesla electric vehicles in India as a ‘natural progression,’ is expected to visit the country with a team of company executives around April 22, according to a source. On Wednesday, Musk confirmed his impending visit to India later this month, including a meeting with Prime Minister Narendra Modi, with plans likely to unveil Tesla’s investment strategy in the nation.
Posting on X, the billionaire executive expressed enthusiasm about his upcoming meeting with PM Modi. Reuters previously noted that Tesla officials are slated to scout locations in India for a manufacturing facility, an initiative that may see an investment close to $2 billion.
Despite sending an email inquiry to Tesla for confirmation of Musk’s trip, there has been no response. Last June, during Modi’s visit to the US, Musk had met with him, mentioning his plans for a 2024 visit to India and his optimism about Tesla’s entry into the Indian market soon.
Musk’s trip coincides with India’s recent unveiling of a new electric vehicle policy, which offers import duty benefits to companies investing over $500 million in manufacturing units. This policy aims to attract leading global EV manufacturers like Tesla by permitting the import of a certain number of vehicles at a reduced custom duty of 15% for cars priced at $35,000 and above, over five years following the approval.
Currently, imported cars face a hefty customs duty of 70% to 100%, based on the engine size and the CIF value being below or above $40,000. This strategic move by the government intends to position India as a hub for EV production and draw investments from renowned global EV makers.
Tesla had previously approached the Indian government, seeking a reduction in import duties for its vehicles. Musk, in 2022, had pointed out that despite its request for lower import duties, Tesla would not commence manufacturing in India unless it was permitted to sell and service its vehicles in the market first.
