Elon Musk eyes significant India investments after meeting Modi

  • Musk says Tesla to be in India as soon as humanly possible
  • India looks at collaboration with U.S. firms for space -source

Elon Musk, CEO of Tesla (TSLA.O), revealed that Prime Minister Narendra Modi of India is urging the car manufacturer to make a substantial investment in the country. Musk mentioned that an official announcement regarding this is expected in the near future, following his meeting with Modi during the Indian leader’s state visit to the United States. According to sources, Musk discussed plans to establish a manufacturing base in India with Modi.

Musk expressed his belief in India’s potential for a sustainable energy future, highlighting areas such as solar power, stationary battery packs, and electric vehicles. Additionally, he expressed his desire to introduce SpaceX’s Starlink satellite internet service in India.

After the meeting, Musk addressed reporters, saying, “He (Modi) really cares about India because he’s pushing us to make significant investments in India, which is something we intend to do.” He further stated his confidence that Tesla would establish a presence in India as soon as possible.

India’s foreign ministry spokesperson confirmed Modi’s invitation to Musk, stating that it aimed to explore opportunities for investments in electric mobility and the rapidly expanding commercial space sector in India.

Furthermore, it was revealed that India is considering allowing certain U.S. companies to collaborate with Indian firms in the space sector. India had opened the doors for private launches in 2020 and aims to increase the market share of its private space companies five-fold within the next decade.

Executives from Tesla recently visited India and engaged in discussions with Indian bureaucrats and ministers regarding the establishment of a manufacturing base for cars and batteries. Last month, Musk announced that Tesla would likely finalize the location for a new factory by the end of this year, citing India as an intriguing prospect.

With tensions between Washington and Beijing, U.S. companies are seeking to decrease their reliance on China as a manufacturing base. Tesla had previously postponed its plans to enter the Indian market due to high import tax structures.

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