How Tesla's India entry will disrupt desi tardy electric car market
Tesla will enter India next year. India's Prime Minister's Office has told relevant departments to fast-track Tesla's proposed investment in India by January 2024, ET has reported.
Tesla's entry will put a stamp of maturity on India's car market, the third biggest in the world after China and the US.
Outside the US, Tesla has plants in Germany and China. As the Western countries struggle with slowing economies impacting demand and Tesla faces strong local competition from EV makers in China.
selling its electric cars in India is an attractive prospect for the American company. Initially, it will sell fully built-up cars imported into India.
The talk of the government lowering India's steep import duties on cars for Tesla and others has created a flutter in the local car industry.
Will lower import duties give Tesla an edge over Indian electric car makers which are still struggling to get on to the EV trend? Tesla CEO Elon Musk has been negotiating with the Indian government for long for lower import duties and the permission to sell fully built-up imported cars initially.
Paving the way for Tesla in India
Earlier in June this year, Musk said Tesla could soon be setting up a manufacturing base in India, after meeting Prime Minister Narendra Modi in New York.
