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New Delhi6 hours ago
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The chances of US EV manufacturer Tesla coming to India have diminished. Officials of Elon Musk’s company have stopped talking to people from the Indian government. Economic Times has given this information quoting sources.
People associated with the matter said that the government has understood that Tesla has some capital issues, due to which it is not going to make any new investment in India in the near future. According to reports, Tesla officials have not spoken to Indian officials for the last 3 months.
6 possible reasons why Tesla is not coming to India
- The company has not been able to meet the demand of the global market for the last two quarters.
- Chinese companies have given very tough competition to Tesla.
- Musk announced major staff cuts in April.
- Cybertruck, built after years of effort, is seeing slow growth.
- The company is building a new plant in Mexico, which is also facing delays.
- The company has several capital issues for investment in India.
Elon Musk has not been contacted since his India visit was cancelled
After the cancellation of Elon Musk’s India visit, the company officials have not contacted the people of India’s Ministry of Heavy Industries, Ministry of Finance, Commerce and Industry. Elon Musk was scheduled to visit India between 22 and 27 April this year, but he suddenly cancelled this visit. Musk was also scheduled to meet PM Modi during this visit.
Musk was coming to India after the government’s new EV policy
Elon Musk planned to come to India after the government introduced a new EV policy. Under the new policy, foreign car manufacturing companies will have to invest at least $497 million (Rs 4,150 crore) in India to get tax exemption and start production of EVs from a local factory/manufacturing facility within 3 years.
In March this year, the government introduced a new EV to expand the EV market in India
There was no agreement between Tesla and the government in 2022
- Tesla had expressed its desire to come to India in 2022, but then things did not work out between the company and the government. Tesla had asked the government to reduce the import duty on fully assembled vehicles from 100% to 40%.
- The company wanted its vehicles to be considered as electric vehicles and not luxury vehicles, but the government had said that there was no intention to waive or reduce the import duty on any electric vehicles imported from other countries.
- The government had said that if Tesla commits to setting up a manufacturing plant in India, then a discount on imports would be considered. However, Musk wanted that cars should be sold in India first, after which setting up a plant should be considered.
- Replying to a tweet on May 27, 2022, Elon Musk said, ‘Tesla will not set up a manufacturing plant at any location where it does not already have permission to sell and service cars.’
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