'Looking forward to meeting PM Modi': Tesla CEO Elon Musk CONFIRMS India visit
Confirming reports of a planned visit to India, Tesla chief Elon Musk has posted on X that he is looking forward to meeting Prime Minister Narendra Modi in the country. The Tesla CEO did not, however, reveal details of when the visit is likely to happen.
FollowTesla founder Elon Musk on Wednesday confirmed that he would be visiting India later this month and meeting Prime Minister Narendra Modi. According to sources, he is likely to announce the company’s investment plans in the country.
The businessman expressed his excitement over meeting PM Modi on X.
Musk is expected to be accompanied by other business officials during the visit, which is anticipated to take place around April 22, according to a source. Musk has described the provision of Tesla electric vehicles in India as a "natural progression."
During Modi's visit to the US in June of last year, Musk met with the latter and revealed his plans to visit India in 2024, adding that he was confident Tesla will soon make its way into the Indian market.
Musk's trip to India occurs a few weeks after the government unveiled a new policy on electric vehicles, which aims to draw in big international players like Tesla by reducing import duties for businesses that establish manufacturing facilities in the nation with a minimum investment of USD 500 million.
According to the policy, businesses that establish EV passenger car manufacturing facilities will be permitted to import a restricted quantity of cars at a reduced customs and import duty rate of 15% on vehicles costing USD 35,000 and above for a period of five years from the date the government issues the approval letter.
Currently, the percentage of customs tax applied to automobiles imported as completely built units (CBUs) varies from 70% to 100%, based on the engine size, cost, insurance, and freight (CIF) value of USD 40,000 or more. The goal of the policy is to draw in investment from reputable international EV manufacturers and market India as a location for EV manufacturing.
