Elon Musk to visit India to meet PM Modi

Elon Musk to visit India to meet Prime Minister Narendra Modi

Musk announced on social media site X (formerly Twitter) that he will visit India to meet Prime Minister Narendra Modi, but there is no announcement date .

Tesla CEO is expected to announce his big plans in the country soon.

Last month India cut tariffs on electric vehicles (EVs) as global carmakers pledged to invest $500 million (£399 million) and start local production within three years.

In 2021, Tesla CEO said that India’s high import prices were affecting the company’s ability to offer cars to the world’s largest market.

Mr. “Now meet Indian Prime Minister Narendra Modi!” Musk wrote in a statement on Wednesday. It will be held at Mr Modi’s home in New Delhi in the week of April.

The BBC understands that Tesla’s plans to start production in India will be a major topic of discussion.

Tesla did not immediately respond to the BBC’s request for comment.

Mr Musk’s visit comes as the country begins a six-week election marathon on April 19.

Mr Modi’s Hindu nationalist Bharatiya Janata Party is expected to win a third term.

Tesla’s investment announcement during the election will reinforce the business-friendly credentials of Mr Modi, who has courted foreign companies to set up manufacturing and manufacturing businesses in India.

The two met in New York last June, and the tech expert said Mr Modi “asked us to do important work in India, and that’s what we want to do.”

Tesla’s plan to enter India comes at a time when the company is facing weak sales in the US and China.

Shipments fell in the first three months of the year as Tesla battled a factory fire in Europe, global shipping disruptions and increased competition.

Tesla has repeatedly lowered its prices due to competition from rivals such as BYD, but demand has fallen in major markets such as China.

Tesla shares have fallen by almost a third since the beginning of the year.

India will surpass the UK in 2022 and grow by 8.4% in December, becoming the fifth largest economy in the world and contributing to India’s economic growth.

Leave a Reply

Your email address will not be published. Required fields are marked *

Enable Notifications OK No thanks