Politics
Elon Musk may announce Tesla entry into India after meeting PM Modi on April 22: report
Elon Musk is expected to announce the entry of his automaker Tesla into the Indian markets after the billionaire's meeting with Prime Minister Narendra Modi on April 22. Money control report citing a senior government official said Tuesday.
The official, who spoke with Money control speaking on condition of anonymity, said the speculated announcement would not be “seat specific” because for that, Tesla would need board approval. “It’s more of a signal.”
Expect a general announcement that the American electric vehicle (EV) manufacturer is entering India and not location specific. To announce a specific location, Tesla usually needs board approval, which may only happen later,” the official said. Money control.
“For now, Musk could welcome the electric vehicle policy and say he looks forward to being in the Indian market soon,” the official added.
Earlier this month, Musk confirmed his visit to India and meeting with Prime Minister Modi via a post on X, the microblogging site he now owns.
“Looking forward to meeting Prime Minister Narendra Modi in India! » he posted.
Musk will not address the media during his 48-hour visit to India. However, the official said, a press release and video are likely to be released after his interaction with PM Modi.
Musk met Prime Minister Modi last year in New York.
Tesla has reported lobbying the Center for months to reduce import taxes on electric vehicles (EVs), as it plans to set up a factory here.
In March, the Center announced a revised electric vehicle policy reducing import taxes from 100% to 15% on certain models if a manufacturer invests at least $500 million and also sets up a factory in the country.
Meanwhile, the license application for Musk's Starlink satellite business is underway and the government is reviewing security aspects, according to the news agency. PTI reported citing sources.
The FDI and financial aspects are in compliance with the requirements and conditions, the report said, adding that the ownership “declaration” was also received from Starlink.
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Published: April 16, 2024, 10:11 PM IST
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