Tesla owner and Business tycoon Elon Musk, whose name is included in the list of world’s richest people is visiting India next week. As this is his first visit to India on 21 April, 2024 it has significance in many aspects. During this visit, he may announce investments of worth $2-$3 billions of dollars in India through Tesla, Starlink and other businesses. Apart from this, the Internet can also come to India. Elon Musk will meet PM Modi on Monday 22 April, 2024. During his visit to India, the billionaire is expected to reveal his plans to enter the world’s third-largest auto market, where electric car adoption is still in its early stages.
India’s EV market is in babyhood but is growing and dominated by local carmaker Tata Motors. In 2023 EVs made up just 2% of total car sales, but the government is aiming for 30% of new cars to be EVs starting 2030. Elon Musk opposed India’s high import taxes for EVs for years, and stressed for change. In March India’s government presented a new EV policy reducing import taxes to 15% from as high as 100% on some models if a carmaker invests at least $500 million and sets up a factory. According to a senior government official there will be a general announcement made on the EV maker’s India entry. It would be “more of a signalling” the report said.
As per the reports, Tesla has already started hunting for showroom space in New Delhi and Mumbai. Its Berlin factory is producing right-hand drive cars it aims to export to India launching later this year.
Elon Musk owns the US space company SpaceX. According to sources Elon Musk is also likely to attend an event organised by the Indian government in New Delhi with space startups.
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