Confirming reports of a planned visit to India, Tesla chief Elon Musk has posted on X that he is looking forward to meeting Prime Minister Narendra Modi in the country.
“Looking forward to meeting with Prime Minister @NarendraModi in India!” Mr Musk posted on the microblogging platform, which is also owned by him, on Wednesday.
Looking forward to meeting with Prime Minister @NarendraModi in India!
— Elon Musk (@elonmusk) April 10, 2024
The Tesla CEO did not, however, reveal details of when the visit is likely to happen.
Earlier in the day, Reuters had reported that the billionaire would visit India later this month and was expected to make an announcement about his plans to invest in the country and open a new factory here.
Mr Musk, who is also the founder of SpaceX, had met PM Modi in the US in June last year and described himself as a “fan”. “I am confident Tesla will be in India and will do so as soon as humanly possible,” the CEO of the electric carmaker had said.
The announcement of the billionaire’s visit comes less than a month after India had announced a new electric vehicle policy which would cut taxes by as much as 85 per cent on the import of a certain number of EVs to “attract investments by reputed global manufacturers”.
Under the policy, companies setting up manufacturing facilities for passenger electric cars would be allowed to import a limited number of units at a reduced customs or import duty of 15 per cent on vehicles priced at a minimum of $35,000 (approximately Rs 29 lakh) for a period of five years.
It requires EV manufacturers to invest a minimum of Rs 4,150 crore ($500 million) and gives them three years to set up manufacturing facilities in India. The other key requirement is reaching 50% domestic value addition within five years. The localisation clause states that 25% will have to be achieved by the third year.
Reuters had reported earlier that Tesla officials are expected to visit India in April to scout sites for a manufacturing plant that would require an investment of about $2 billion.
