While speaking at the annual conference of the Automotive Component Manufacturers Association (ACMA), Union Commerce Minister Piyush Goyal revealed that US EV powerhouse Tesla is expecting to purchase components from India this year for $1.7-$1.9 billion. According to a Reuters report, the Elon Musk-led EV manufacturer intends to build a factory there to increase output.
Senior Tesla executives reportedly met with the Union Commerce Minister with a plan to construct an Indian factory to make a cheap EV with an estimated cost of roughly Rs 20 lakh. For both the Indian and global markets, the planned EV would be 25% less expensive than the present base model of the Tesla automobile.
Tesla already purchased $1 billion worth of components from India last year; according to Commerce Minister Piyush Goyal, their goal for this year is $1.7-$1.9 billion. “I am certain that electric vehicles are the future. We have to make an effort to draw it in, he said.
Tesla CEO intends to travel to India in 2024
After meeting Prime Minister Narendra Modi in New York in June, Elon Musk made it known that he intended to visit India. The wealthy businessman responded, “He did,” when asked if PM Modi had extended an invitation to him. And yes, I do intend to return to India the following year. I’m anticipating it.
Elon Musk stated after the discussion with PM Modi that Modi “really cares about India” since he is pressuring us to make sizable investments there, which is something we want to do. Simply trying to determine the best timing.
