Tesla to set up factory in India in 2024?

Tesla might enter the Indian Market in 2024 and potentially establish a manufacturing plant in the country within two years

Hyderabad: Elon Musk’s electric car company Tesla Inc., is likely to finalise a deal with the Government of India to bring the American-made EVs to the country.

Tesla might enter the Indian Market in 2024 and potentially establish a manufacturing plant in the country within two years, according to Bloomberg report. An official announcement in this regard may be made at the Vibrant Gujarat Global Summit to be held in January.

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The report suggests that the America automaker might be considering Maharashtra, Tamil Nadu and Gujarat to set up their EV factory. Tesla is also expected to make an initial investment of USD 2 Billion to set shop in India.

Apart from  auto parts and shipping EVs, Tesla Inc. is also planning to make batteries in the country to bring down the manufacturing costs. The company currently has factories set up in USA, China and Germany, while India’s Modi-government is increasingly pushing for EVs in India, which could lead to a major boost to Musk’s firm.