Tesla Scouts For Locations In India For A Proposed $2Bn-$3Bn Electric Car Plant

Tesla is gearing up to dispatch a team to India to scout for potential sites for a proposed $2bn-$3bn electric car plant, the Financial Times reported. This development marks a significant stride towards manufacturing vehicles in the Indian market.

What Happened: This move follows New Delhi’s decision to slash tariffs on imported electric vehicles (EVs) last month. This tariff reduction was a condition that Tesla had been lobbying for as a prerequisite for investing in India.

The government recently unveiled an e-vehicle incentive scheme that offers significant tax breaks to global EV giants like Tesla, provided they commit to investing at least $500 million in local manufacturing efforts.

See Also: Google Faces Setback And A Fine In Delhi Court Over Patent Appeal: Here’s What Happened

The American EV behemoth plans to deploy a team by late April to examine potential sites for the plant, with a focus on states with established automotive hubs such as Maharashtra, Gujarat, and Tamil Nadu. The company may also contemplate potential sites in and around the capital, New Delhi.

The proposed investment in the Indian car plant could be one of India’s largest inward foreign investments, with suppliers expected to invest billions more. The factory is anticipated to achieve a production capacity of up to 500,000 cars a year when it reaches full capacity.

Read Next: Does Meta Owe Its First India Data Centre To The Ambani Pre-Wedding?


Engineered by Benzinga Neuro, Edited by Utkarsh Roshan


The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. Learn more.


Market News and Data brought to you by Benzinga APIs

Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.

Posted In: Techelectric vehiclesTesla