Tesla Inc. chief Elon Musk's much-awaited India visit will last around 48 hours during which the billionaire will make mega announcements, including plans to start Starlink services in India, sources told CNBC-TV18 on April 12.
The channel reported that Musk will be in India on April 21 and 22 and the Tesla CEO and his team will meet government officials and industry representatives. Musk will also call on Prime Minister Narendra Modi.
"Looking forward to meeting with Prime Minister Narendra Modi in India!", Musk said on April 10 in a post on X platform.
CNBC-TV18 reported that Musk will announce an investment plan of $2-3 billion for India and Tesla is also looking to not only manufacture cars for India but also export them to global markets.
Musk and Modi last met in New York in June, and Tesla for months lobbied India to lower import taxes on electric vehicles while it weighed up a factory in the country. Last month, the government unveiled a new EV policy lowering import taxes to 15% from 100% on some models if a manufacturer invests at least $500 million and sets up a factory too.
Musk is also likely to announce plans to start Starlink services in India and it might provide satellite-based broadband services In the country.
CNBC-TV18 reported on April 12 that regulatory approvals for Starlink are in final stages and the company is likely to receive a licence soon.
Musk would be visiting India just ahead of seven-phase Lok Sabha elections, starting April 19, in which Modi is widely seen winning a rare third term.
A Tesla investment announcement during the election would bolster the business-friendly credentials of Modi, who has for years courted foreign companies to set up manufacturing operations in India and create jobs.
Tesla has also begun production of right-hand drive cars at its German plant for export to India later this year, Reuters reported earlier this week.
Meanwhile, Bloomberg reported on April 12 that Tamil Nadu will aggressively pitch itself as a manufacturing site for Tesla Inc as speculation builds about the US company’s planned investments ahead of Musk’s visit.
“Tamil Nadu will be pitching for all opportunities of electric vehicle manufacturing from all global car majors,” T R B Rajaa, the state’s minister for industries said, when asked if Tesla was on his radar. He added that the state has country’s “best electric vehicle policies and ecosystem”.
Musk said this week on X that "India should have electric cars like every other country has electric cars. It's a natural progression to provide Tesla electric vehicles in India".
Tesla's push into India comes as slowing EV demand in its main US and Chinese markets coincides with intensifying competition from Chinese automakers. Tesla reported a drop in first-quarter deliveries that missed analyst estimates.
India's EV market is small but growing and dominated by Tata Motors' EVs made up just 2% of total car sales in 2023. The government is targeting 30% by 2030.
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