Tesla looking to source $1.7-1.9 bln worth of auto parts from India this year: Piyush Goyal
Tesla is looking to nearly double the value of components it sources from the country in the ongoing financial year, ahead of its much-awaited foray into the Indian market.
Minister for commerce & industry Piyush Goyal said Tesla was looking to source $1.7-1.9 billion worth of auto parts from India this year, up from $ 1 billion in FY23. “Tesla already last year bought $1 billion of components I think…this year the target is $1.7 or 1.9 billion”, Goyal said at the 63rd Annual Convention of Automotive Component Manufacturers’ Association (ACMA).
Goyal added going forward there will be a natural shift to electrification in the automobile industry driven by an economic story.
“Electric, as it grows worldwide, we will see footprints in India also,” Goyal said.
He said while some other automobile industry participants besides Tesla have also expressed interest in coming to India “everything will be done equally” to ensure a level-playing field in the industry.
“Yesterday I had a conversation with some of the other auto industry participants and they also indicated that they had an interest in coming to India and therefore, I am convinced that this is the future. It’s something which we must try to attract, but government also has a track record of nine years plus now where everything we have done has been done equally — without any differentiation, without any preferences”, he said, allaying concerns of automakers already having invested in operations here that the American carmaker will be given preferential treatment.
Earlier in June this year, Tesla CEO Elon Musk said the company could soon be setting up a manufacturing base in India, after meeting Prime Minister Narendra Modi in New York.
