Tesla has started discussions with the Indian government for an investment proposal to set up a car factory in the country, with an annual capacity of as many as 500,000 electric vehicles, the Times of India reported on Thursday.
The prices for the electric vehicles would start from Rs. 20 lakh, the report added.
Tesla did not immediately respond to Reuters’ request for comment.
The billionaire Elon Musk-led company is also looking at using India as an export base as it plans to ship cars to countries in the Indo-Pacific region, the report said, citing government sources.
In a meeting with Musk last month, Indian Prime Minister Narendra Modi pushed the car maker to make a “significant investment” in the country.
After a meeting with PM Modi in New York, Musk had said in June that the electric carmaker is looking to invest in India “as soon as humanly possible.”
“I am confident that Tesla will be in India and will do so as soon as humanly possible,” Musk had said when asked by reporters about Tesla’s plan to invest in India, adding he intended to visit the country next year.
“India has more promise than any large country in the world. He (PM Modi) really cares about India because he’s pushing us to make significant investments in India, which is something we intend to do. We are just trying to figure out the right timing,” Musk had added.
Musk, also CEO of SpaceX, had said it hopes to bring Starlink satellite Internet service to India as well.
Executives of Tesla visited India and held talks with Indian bureaucrats and ministers in May on establishing a manufacturing base for cars and batteries in India.
© Thomson Reuters 2023
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