Tesla and SpaceX CEO Elon Musk said his companies are looking to invest in India soon.
Tesla and SpaceX CEO Elon Musk on Friday congratulated Prime Minister Narendra Modi on his re-election for a record third term to run the country.
In a post on X, the tech billionaire said his companies are looking to invest in the country soon.
“Congratulations @narendramodi on your victory in the world’s largest democratic elections,” Musk wrote.
“Looking forward to my companies doing exciting work in India,” he added.
In April this year, Musk postponed his proposed visit to India due to “very heavy Tesla obligations”.
He was expected to visit the country on April 21 and 22 and meet Prime Minister Narendra Modi.
Prime Minister Narendra Modi with the CEO of Tesla Motors, Elon Musk, in San Jose, California. (File Photo)
Musk later said he looks forward to coming to India later this year.
“Unfortunately, very heavy Tesla obligations require that the visit to India be delayed, but I do very much look forward to visiting later this year,” Musk posted on X.
Musk met PM Modi in June last year in the US, expressing confidence that Tesla would enter the Indian market soon, along with Starlink.
Tesla is likely to set up its manufacturing unit in India and make large-scale investments.
Last year, Tesla approached the Indian government seeking duty cuts to import its vehicles in the country.
Tesla can eventually produce 5 lakh electric vehicles annually that start from Rs 20 lakh in India…reports Asian Lite News
Elon Musk is coming to India for the first time to spend at least 48 hours in the country later this month. As all eyes are on what the billionaire would announce during his meeting with Prime Minister Narendra Modi and industry leaders, Tesla lovers have only one question: When will they finally be able to drive a ‘Make in India’, affordable EV?
A cheaper Model 3, which is the entry-level Tesla, can only be possible with local manufacturing of battery components and a strong EV supply system, for which Musk will surely have a substantial announcement to make during his maiden visit to the country.
Currently, Tesla prices are almost the same worldwide. The base variant of the Model 3 is priced at over $40,000 (nearly Rs 33.5 lakh).
According to senior analyst Soumen Mandal from market intelligence firm Counterpoint Research, the import duty will be eliminated by setting up local production by Tesla, thus paving the way for an affordable Tesla car.
Also, the cost reduction could be achieved if Tesla cars manufactured in the country come with fewer features compared to the ones available globally.
Mandal told IANS that certain hardware required for Full Self-Driving (FSD) mode could be eliminated and “Advanced Driver Assistance System (ADAS) Level 2 could be included”.
Tesla can eventually produce 5 lakh electric vehicles annually that start from Rs 20 lakh in India.
To produce a Rs 20 lakh car, Tesla can also have a battery pack with a lower capacity than 50kW and the electric motors could be of lower power. The in-vehicle electronics could also be reduced with a smaller centre display.
In the new EV policy, the Indian government has cut the customs duty to 15 per cent (with certain riders) from the earlier 100 per cent on imported cars.
A minimum investment of Rs 4,150 crore (about $500 million) will be required to set up the manufacturing facilities for EVs in the country.
According to industry experts, Tesla can generate at least $3.6 billion in revenue in India by 2030.
Even as Tesla CEO Elon Musk confirmed his visit to India, netizens eagerly welcomed the billionaire to the country.
“Looking forward to meeting with Prime Minister @NarendraModi in India!” the SpaceX CEO shared on X (formerly Twitter). The post has, so far, garnered more than 38 million views on the platform.
Soon after the announcement, several users took to the platform to welcome the billionaire to the country.
“Welcome to India, Elon,” wrote several users, while one added “Namaste India”.
“Welcome to India, Elon Musk, hoping for a long-term partnership between your companies and India,” wrote another user.
“Yes! Excited to have you here finally. Hope to see Tesla India up and running soon and reservation holders getting their Tesla’s,” said another.
The tech billionaire is reportedly slated to meet PM Modi “in the week of April 22 in New Delhi”.
Musk is also likely to announce his investment plans and setting up of a potential $2-3 billion manufacturing plant in the country.
As per reports, Gujarat, Maharashtra, and Tamil Nadu are on top of Tesla’s agenda to start EV manufacturing and export the vehicles as well
According to experts, there’s a lot of history and talk about Musk’s intentions to enter the Indian market…reports Nishant Arora
With Tesla and SpaceX CEO Elon Musk confirming his first-ever India visit to meet Prime Minister Narendra Modi later this month and announce key investments in the electric vehicle (EV) space, industry experts on Thursday said that the country could grow into a considerable market for him in the foreseeable future, generating at least $3.6 billion in revenue by 2030.
The news of Musk arriving here brought cheer to millions of Tesla lovers in India, after a determined PM Modi convinced the tech billionaire to look at the country — which has been witnessing stupendous economic growth across quarters for the past decade — as his next destination to build a Tesla plant and a global supply chain system.
According to experts, there’s a lot of history and talk about Musk’s intentions to enter the Indian market.
“The list of possible announcements includes India providing duty cuts on imported Tesla cars, the company establishing an official sales and service presence in the country, followed by possible manufacturing facilities further out,” senior analyst Soumen Mandal from Counterpoint Research told IANS.
The current EV penetration in India is 2.3 per cent, which is likely to reach 28 per cent by 2023.
The electric cars priced around $25,000 (Rs 20 lakh and above) will have at least a 15 per cent market share by 2030, according to the latest industry data.
“India could grow into a considerable market for Tesla in the long term. As cars effectively become supercomputers on wheels, we anticipate Tesla could achieve $3.6 billion in revenue from car sales in India alone by 2030,” Mandal noted.
Moreover, India has the potential to become a manufacturing hub for producing cars in the sub-$25,000 price range, with opportunities for export to developing and underdeveloped nations.
Additionally, said experts, Tesla’s preference for establishing its supercharger network could catalyse the growth of India’s EV charging infrastructure, mirroring the standardization seen with US automakers adopting the North American Charging Standard (NACS) charging standards.
Also known as the Tesla charging standard, NACS is an EV charging connector system developed by Tesla. It has been used by all Tesla vehicles in the US since 2021, and was opened for other EV automakers in November 2022.
According to Liz Lee, Associate Director at Counterpoint Research, the country’s EV landscape is about to see a significant rise.
“Government initiatives such as the production-linked incentive (PLI) scheme for Advanced Chemistry Cells (ACC) and the recent reduction in import duties on EVs under $35,000 to 15 per cent are game changers,” Lee said.
Meanwhile, car sales in India are likely to grow at a compound annual growth rate (CAGR) of 6.3 per cent between 2024-2030 from 4.4 million units last year.
According to industry experts, when it comes to EVs, the CAGR is expected to touch a staggering 52 per cent in the same time-frame — a “natural progression” for India as noted by Musk.
In 2024, India’s EV sales are likely to grow 66 per cent, driven by rising consumer interest, government initiatives, and infrastructure development.
Experts told IANS that Tesla’s presence in India could further stimulate the establishment of supply chain ecosystems, “leading to the localisation of automotive components manufacturing”.
It is a clear sign that India’s journey to “become a major player in the global EV market is accelerating,” they emphasised.
Narendra Modi-led government’s new electric vehicle (EV) policy now paves the way for Musk to enter the Indian market…reports Asian Lite News
After the Prime Minister Narendra Modi-led government approved a new electric vehicle (EV) policy to attract investments in the EV space by global manufacturers, Tesla is reportedly sending a team this month to search for locations in the country for a $2-3 billion plant.
According to a report in The Financial Times on Wednesday, citing sources, the Elon Musk-run company “would send a team from the US by late April to study sites for the plant”.
The team would reportedly focus on states like Maharashtra, Gujarat and Tamil Nadu which have EV infrastructure in place as well as ports which makes it easier for the company “to export cars”.
Tesla did not comment on the report.
In the new EV policy, the government has reduced the customs duty to 15 per cent, with certain riders.
This now paves the way for Musk to enter the Indian market.
Last year, PM Modi met Musk in the US and appreciated his efforts at making technology accessible and affordable in various sectors.
The Prime Minister invited Musk to explore opportunities in India for investments in electric mobility and the rapidly expanding commercial space sector.
In the new EV scheme, the government mentioned that a minimum investment of Rs 4,150 crore (about $500 million) will be needed to set up manufacturing facilities and production started within three years and reach 25 per cent DVA (domestic value addition) by three years and 50 per cent DVA within 5 years at the maximum.
Meanwhile, minister of Road Transport and Highways Nitin Gadkari on Monday said that the government has plans to introduce electric buses in all Indian cities as well as some long routes such as Delhi-Shimla, Delhi-Chandigarh and Pune-Mumbai over the next five years.
In an interview with NDTV Editor-in-Chief Sanjay Pugalia, the minister also said that the decline in battery prices will lead to travellers saving 30 per cent on fares and help bring down pollution.
The minister pointed out that the cost of lithium-ion batteries has come down from $150 per kilowatt per hour to $112 as the segment has recorded a 350 per cent growth in the country.
“When this comes down to $100, the operating cost will be the same as that of petrol and diesel vehicles,” the union minister said. “If you spend Rs 20,000–25,000 on petrol vehicles in a month, you will incur only Rs 2,000 on electric vehicles,” he added.
EV manufacturing has gained pace in the country, with output rising across segments. “There are 400 electric scooter manufacturers (in India). We have manufacturers making electric scooters with a range of 60 km,” Gadkari said.
The minister’s comments come in backdrop of the Government’s approval for the scheme to promote India as a manufacturing destination of e-vehicles (EV). The policy is designed to attract investments in the e-vehicle space by reputed global EV manufacturers, the Commerce Ministry said on Friday.
The policy fixes a minimum investment of Rs 4,150 crore (∼USD 500 million) for foreign companies who want to set up electric vehicle manufacturing facilities in India. The scheme which aims to attract investments from leading EV manufacturers, such as Elon Musk-led Tesla, does not fix any upper limit on the investments.
The scheme also stipulates a 3 years timeline for setting up manufacturing facilities in India, and starting commercial production of EVs. It lays down that 50 per cent domestic value addition in manufacturing must be reached within 5 years at the maximum.
Companies setting up manufacturing facilities for EVs will be allowed limited imports of cars at lower custom duty as an incentive.
The Government of India has approved a new electric vehicle (EV) policy that is designed to attract investments in the EV space by global manufacturers like the Musk-run electric car company.
Tesla lovers in the country are anxiously waiting for the first response from Elon Musk after the government approved a new electric vehicle (EV) policy that is designed to attract investments in the EV space by global manufacturers like the Musk-run electric car company.
It was in 2015 when Prime Minister Narendra Modi visited Tesla headquarters in Palo Alto, California and met the billionaire who gave the Prime Minister a tour of the company’s electric car plant.
In later years, the billionaire sought customs duty to be lowered so that he could bring Tesla vehicles to the country.
Presently, customs duty on cars imported as completely built units (CBUs) varies from 60-100 per cent, depending on their cost.
In the new policy, the government has reduced the customs duty to 15 per cent, with certain riders.
“The customs duty of 15 per cent (as applicable to completely knocked down or CKD units) would be applicable on the vehicle of minimum value of $35,000 and above for a total period of five years subject to the manufacturer setting up manufacturing facilities in India within a 3-year period,” according to the government.
This now paves the way for Musk to enter the Indian market.
Last year, PM Modi met Musk in the US and appreciated his efforts at making technology accessible and affordable in various sectors.
The Prime Minister invited Musk to explore opportunities in India for investments in electric mobility and the rapidly expanding commercial space sector.
After hearing PM Modi’s ‘Make in India’ pitch, the Tesla CEO announced that his electric vehicle and battery company will come to the country “as soon as it is humanly possible”.
“He (PM Modi) really cares about India because he’s pushing us to make significant investments in India, which is something that we intend to do and we’re just trying to figure out the right timing,” said the billionaire.
In the new EV scheme, the government mentioned that a minimum investment of Rs 4,150 crore (about $500 million) will be needed to set up manufacturing facilities and production started within three years and reach 25 per cent DVA (domestic value addition) by three years and 50 per cent DVA within 5 years at the maximum.
India’s EV market has the potential to achieve over 40 per cent penetration with $100 billion revenue by 2030.
The carrot placed near the edge ends up being sliced up as the door closes, the report mentioned.After watching the clip, a number of people have shared their thoughts online...reports Asian Lite News
A Tesla Cybertruck owner has spotted a major flaw in the vehicle after driving it for some miles, which it demonstrated in a video shared on social media.
After driving, the owner discovered some issues with the vehicle’s panelling, reports UNILAD.The owner also discovered that the car’s right turn signal didn’t work ’30 per cent of the time’, however, the Tesla driver praised the Cybertruck’s acceleration, steering and overall build quality.
Meanwhile, someone else also discovered other flaws in the Cybertruck’s design, which could result in serious injury. In a clip shared on social media, someone took a carrot to resemble a finger and placed it near the point where the car’s trunk hood meets the body.The carrot placed near the edge ends up being sliced up as the door closes, the report mentioned.After watching the clip, a number of people have shared their thoughts online.
“How did this thing ever get approval?” One wrote, while another wondered, “Why is that so sharp to begin with?”.“The more I learn about this car the more I am surprised it’s even allowed to be sold, let alone circulate,” another said. “This thing functions more as a death trap than a Truck,” one more mentioned.Some people also defended the vehicle, arguing that any car model can cause this type of harm if your fingers are in the wrong position at the wrong moment, the report noted.
Tesla launched the long-awaited Cybertruck in November last year at a starting price of $60,990.The rear-wheel drive version of the electric truck costs $60,990, up from $39,900 in 2019. It will have a range of 250 miles on a single charge.
The only injury noted by CHP mentions a suspected minor injury to the Cybertruck driver. It did not not appear the Tesla Cybertruck was in an autonomous mode during the accident…reports Asian Lite News
A Tesla Cybertruck has been involved in a first-ever accident of the $61,000 vehicle (base model price), that resulted in a minor injury to the driver.
A Reddit user posted two pictures of a Cybertruck accident in the US and the California Highway Patrol (CHP) later confirmed this.
The accident involved a 2023 Tesla Cybertruck carrying three people that appears to have been hit by a 2009 Toyota Corolla driven by a 17-year-old, reports The Verge.
“Our preliminary investigation indicates a Toyota Corolla was traveling south on SR-35 southbound, south of Page Mill Road, at an unknown speed, when the driver, for unknown reasons, turned to the right and subsequently struck a dirt embankment on the right shoulder,” said California Highway Patrol.
“The Toyota then re-entered the roadway, crossed over the double yellow lines into the northbound lane, and crashed into a Tesla Cybertruck traveling north on SR-35 northbound,” the CHP team added.
The only injury noted by CHP mentions a suspected minor injury to the Cybertruck driver. It did not not appear the Tesla Cybertruck was in an autonomous mode during the accident.
Tesla launched the long-awaited Cybertruck at a starting price of $60,990 and delivered the vehicle to its first batch of customers this month.
The rear-wheel drive version of the electric truck costs $60,990, up from $39,900 in 2019. It will have a range of 250 miles on a single charge.
The AWD Cybertruck will cost $79,990, have a range of 340 miles, hit 0-60mph in 4.1 seconds, and have a top speed of 112 mph.
The tri-motor trim will cost $99,990, produce 845 horsepower, 10,296 lb-ft of torque, and have a range of around 320 miles.
With its strategic location and favourable business environment, Gujarat has emerged as the “preferred destination for Tesla’s manufacturing plans”….reports Asian Lite News
Elon Musk’s Tesla may finally end its dry run in India and announce to set up an Electric Vehicle (EV) supply system manufacturing plant in Gujarat during the ‘Vibrant Gujarat Global Summit’ next month. The announcement is likely to be made in the presence of Tesla CEO and Prime Minister Narendra Modi at the flagship event from January 10-12, according to media reports.
With its strategic location and favourable business environment, Gujarat has emerged as the “preferred destination for Tesla’s manufacturing plans”.
According to Ahmedabad Mirror, the state government has suggested Sanand, Becharaji and Dholera as the site for Tesla to set up its manufacturing plant.
Earlier, Gujarat, Maharashtra and Tamil Nadu were being considered by Tesla to set up its EV plant.
Tesla has been engaged in intense negotiations with the Union Government, seeking concessions that would facilitate a smoother entry into the Indian market.
Union Commerce Minister Piyush Goyal in November visited Tesla’s state-of-the-art manufacturing facility in Fremont, California.
Goyal said it was “extremely delighted to see talented Indian engineers and finance professionals working at senior positions and contributing to Tesla’s remarkable journey to transform mobility”.
“Also proud to see the growing importance of auto component suppliers from India in the Tesla EV supply chain. It is on its way to double its components imports from India. Missed Elon Musk’s magnetic presence and I wish him a speedy recovery,” the Union Minister posted on X.
Musk, had apologised to Goyal for not being able to meet him as he was keeping unwell.
“It was an honour to have you visit Tesla! My apologies for not being able to travel to California today, but I look forward to meeting at a future date,” Musk replied.
Goyal and Musk were scheduled to meet during the Minister’s US visit, after the SpaceX and X owner met Prime Minister Narendra Modi in the US in June, and revealed he was keen to make significant investments in India.
According to earlier reports, the automaker asked the Indian Government for an initial tariff concession that would offset India’s steep customs duties of 70 per cent for cars under $40,000 and 100 per cent for cars above $40,000.
Tesla had asked for the concession as a condition for constructing a plant in the country. The reduced tariffs would apply to all EV manufacturers.
India’s EV market has the potential to achieve over 40 per cent penetration with $100 billion revenue by 2030.
This growth is expected to be driven by strong adoption (over 45 per cent) in both two-wheeler (2W) and three-wheeler (3W) categories, with four-wheelers (cars) penetration projected to grow to more than 20 per cent, according to a recent report by Bain & Company and Blume Ventures.
Xiaomi Enters Auto Sector, Unveils 1st EV
Global technology brand Xiaomi on Thursday announced its entry into the automotive industry by unveiling its long-awaited first electric vehicle.
The company launched two EVs — XiaomiSU7 and XiaomiSU7Max.
“#XiaomiSU7 makes a significant Stride as Xiaomi expands from the smartphone industry to the automotive sector, completing the Human x Car x Home smart ecosystem,” the company posted on X.
“#XiaomiSU7 will forever journey alongside those steering toward their dreams,” it added.
According to the company, the XiaomiSU7Max goes from 0-100km/h in 2.78 seconds, while the XiaomiSU7 reaches 0-100km/h in 5.28 seconds. The top speed of the SU7 is 210km/h and for the SU7Max, it is 265km/h.
“#XiaomiSU7 goes from 0-100km/h in 2.78 seconds, officially joining the ‘2s Supercar Club’ with a single step,” the company wrote.
Moreover, the company said that the new EV will be available in three colour variants — Aqua Blue, Mineral Gray, and Verdant Green.
The five core technologies used in EVs are E-Motors, battery, HyperCasting, autonomous driving, and smart cabin.
While the price of the EV is unknown, many expect the SU7 to fall into 200,000 yuan to 300,000 yuan (around Rs 25 to 35 lakh).
The sale of the SU7 is likely to start next year. It will be produced by a unit of China-owned automaker BAIC Group in a Beijing factory with an annual capacity of 2,00,000 vehicles.
Tesla had asked for the concession as a condition for constructing a plant in the country. The reduced tariffs would apply to all EV manufacturers…reports Asian Lite News
The Centre is considering a request from Elon Musk-run Tesla to lower tariffs for imported electric vehicles (EVs) as the company looks into setting up a plant in the country, a media report said on Monday.
According to the Financial Times, citing sources, the automaker has asked the government for an initial tariff concession that would offset India’s steep customs duties of 70 per cent for cars under $40,000 and 100 per cent for cars above $40,000.
“Their view has always been that they need some tariff concessions at least in the interim period. It would have some kind of sunset clause,” one of the officials was quoted as saying.
Tesla had asked for the concession as a condition for constructing a plant in the country. The reduced tariffs would apply to all EV manufacturers.
The officials stated that the reduced rate under consideration would be 15 per cent for EVs of all prices, but that the policy had not yet been agreed upon within the government, the report mentioned.
“We want to create a package which is good for India and which doesn’t become a curated package for one company. Others are free to take advantage of this window, subject to meeting these kinds of requirements,” one of the officials stated.
In September, a report said that Tesla is planning to build a factory for battery storage in India and has submitted a proposal for the same to the government. The electric car-maker proposed supporting the country’s battery storage capabilities with its ‘Powerwall’ during recent meetings. Musk is also aiming to build a Tesla supply system in India
He also met US Trade Representative Ambassador Katherine Tai on the sidelines of the Indo-Pacific Economic Framework (IPEF) in San Francisco. The two leaders held talks on the IPEF and trade pillars…reports Asian Lite News
Union Minister for Commerce and Industry Piyush Goyal on Monday (local time) visited Tesla’s manufacturing facility in California’s Fremont and said that the US electric car maker is on its way to double its components imports from India.
Goyal stressed that he is proud to see the growing importance of auto component suppliers from India in the Tesla EV supply chain.
He said that he missed meeting Tesla CEO Elon Musk and wished him a speedy recovery. He said that he is “delighted” to see Indian engineers and finance professionals working in senior positions and contributing to Tesla’s journey to transform mobility.
Taking to social media app X, Goyal stated, “Visited @Tesla ‘s state of the art manufacturing facility at Fremont, California. Extremely delighted to see talented Indian engineers & finance professionals working at Senior positions and contributing to Tesla’s remarkable journey to transform mobility. Also proud to see the growing importance of Auto component suppliers from India in the Tesla EV supply chain. It is on its way to double its components imports from India. Missed Mr @ElonMusk’s magnetic presence and I wish him a speedy recovery.”
Goyal, who is on a visit to the United States from November 13 to 16, arrived in San Francisco Monday morning (local time), will participate in the third in-person Indo-Pacific Economic Framework (IPEF) Ministerial meeting from November 13-14, 2023. During his visit, he will also attend the Asia-Pacific Economic Cooperation (APEC) Summit in San Francisco.
Just shortly upon arrival in the US, Goyal met with Singapore’s Minister for Trade and Industry Gan Kim Yong. The two leaders discussed ways to accelerate cooperation across sectors to further deepen economic partnership between India and Singapore.
Taking to X, Goyal stated, “Met H.E. Gan Kim Yong, Minister of Trade & Industry, Singapore, and discussed ways to accelerate cooperation across sectors to further deepen our economic partnership.”
He also met US Trade Representative Ambassador Katherine Tai on the sidelines of the Indo-Pacific Economic Framework (IPEF) in San Francisco. The two leaders held talks on the IPEF and trade pillars.
Goyal is scheduled to hold a bilateral meeting with US Commerce Secretary Gina Raimondo and representatives from various sectors and industries, according to the Ministry of Commerce and Industry earlier press release. These meetings will focus on addressing trade barriers, promoting investments, and fostering greater cooperation in areas such as technology and innovation.
One of the key focus of the visit will be the joint event, co-chaired with US Commerce Secretary, Gina Raimondo on “India-USA Innovation Handshake Initiative”, with the aim to lift up and connect the two sides’ dynamic startup ecosystems, address specific regulatory hurdles to cooperation, and promote further innovation and job growth, particularly in emerging technologies.”
During his visit to the US, Goyal will also participate in the investors’ roundtable along with one-to-one meetings with CEOs, according to the press release. He will also interact with various stakeholders such as students, entrepreneurs, venture capitalists and the Indian diaspora.
Piyush Goyal is expected to interact with globally renowned technology, entrepreneurship, and academic communities in the Bay Area, particularly, in Silicon Valley to undertake focused discussions with American companies looking to invest or expand in India across sectors – Electronics (including semiconductors), Technology, FinTech etc. (ANI)
