Tesla CEO Elon Musk to meet PM Modi in April, to announce investment plans: Report

First Published Apr 10, 2024, 7:44 PM IST

Tesla CEO and X (formerly Twitter) owner Elon Musk is all set to make a significant visit to India later this month. According to sources familiar with the matter, Musk is scheduled to meet with Prime Minister Narendra Modi and is expected to unveil plans for a substantial investment in the country, potentially including the establishment of a new factory.

The meeting between Musk and PM Modi is expected to take place in New Delhi on April 22, as per the first source. While the specifics of Musk's itinerary remain confidential, he is likely to be accompanied by other key executives from Tesla. However, neither PM Modi's office nor Tesla responded to requests for official comments, indicating the sensitive nature of the visit.

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Musk's upcoming trip to India follows his previous meeting with PM Modi in New York in June last year, during the Indian leader's state visit to the United States. Tesla has been actively engaged in discussions with Indian authorities regarding the reduction of import duties on electric vehicles (EVs) as part of its deliberations on establishing a manufacturing presence in the country.

India's recent EV policy reforms, announced in March, have significantly lowered import taxes on certain EV models, providing a favorable regulatory environment for Tesla's potential operations.

Under the revised policy framework, companies investing a minimum of $500 million and establishing manufacturing facilities in India can benefit from reduced import duties on EVs.

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This policy adjustment has been particularly advantageous for Tesla, which had faced resistance from domestic automakers due to high import tariffs.

Last Updated Apr 10, 2024, 7:44 PM IST