Elon Musk tried to enter the Indian market in 2021 but pushed for a decrease in import taxes on electric vehicles, which the government initially resisted but now looks to implement.
Tesla founder and social media platform X CEO Elon Musk is to visit India this week as both sides eagerly pursue a deal to bring the electric car manufacturer to South Asia. Musk and Indian Prime Minister Narendra Modi met over the summer during Modi’s visit to the U.S., during which Musk revealed that he remains "confident that Tesla will be in India and will do so as soon as humanly possible.
The pace of growth has positioned India as the most attractive and lucrative market for electric vehicle manufacturers to invest in new facilities. The Economic Times reported tech conglomerate Mahindra & Mahindra earned a $9.8 billion valuation from Singapore’s global investment goliath Temasek due to overperforming in financial year 2023. A deal between India and Tesla, which ranks as the largest EV manufacturer in the world with a market cap of $800 billion, according to Reuters.
Musk’s trip was not expected until next year, but moving the visit up to this year shows the eagerness with which both parties have looked to pursue a deal. After their meeting earlier this year, Musk said Modi has pushed Tesla to make a "significant" investment in India. India is also looking at reducing tax rates on imported EVs by around 15%, a significant drop from the current 100% that exists now.
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