Tesla may join hands with Reliance to manufacture EVs in India: Report
New Delhi: Tesla is exploring the possibility of forming a partnership with Reliance to set up its operations in India, media reports said
The American electric vehicle company is contemplating a joint venture with Reliance to establish a manufacturing facility within the country, reported The Hindu Businessline report on Tuesday.
Reportedly, Tesla has allocated $2 billion for its upcoming ventures in India and has been surveying different locations, such as Gujarat and Maharashtra, as potential sites for the plant.
According to the report, Maharashtra is emerging as the preferred option for the plant's location.
During an X (formerly Twitter) Spaces session alongside Nicolai Tangen, CEO of Norges Bank Investment Management, Elon Musk, CEO of Tesla, confirmed Tesla's entry into India. "India is now the most populous country in the world. India should have electric cars just like every other country has electric cars. It is a natural progression to provide Tesla electric vehicles in India," he said.
According to a Reuters report, Tesla's top boss Elon Musk will visit India this month to hold a meeting with Prime Minister Narendra Modi and is expected to announce plans to invest and open a new EV manufacturing plant in India, media reported.
Reuters reported citing sources that Musk will meet Modi in New Delhi in the week starting on April 22 and separately announce his plans in India.
According to the Hindu Buisnessline report, During Musk's visit, it is expected that Tesla will finalize the location for the plant and formalise a joint venture with RIL. However, given that the discussions with RIL are not exclusive, Tesla may consider seeking another domestic partner if the ongoing negotiations with RIL do not materialize.
Last month, India reduced import taxes on specific electric vehicles produced by manufacturers willing to invest at least $500 million and commence domestic manufacturing within three years. This decision was viewed as strengthening Tesla's prospects in the market.
Tesla has been striving to establish a presence in India for several years, but negotiations with New Delhi required a commitment to local manufacturing.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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