Commerce Minister Piyush Goyal, has revealed that US-based EV maker Tesla is interested in coming to India.<\/p>\n
Goyal said that Tesla has already sourced auto components worth US$ 1 billion from India. By the end of this year, the company aims to source US$ 1.9 billion worth of auto parts from the country. “Expect that by 2030, there will be a compulsive economic composition for consumers to buy EVs” he added.<\/p>\n
Tesla has had discussions with the Indian government over lowering import taxes on EVs. The company has also expressed interest in setting up a local manufacturing unit to build a new electric car that would be 25% cheaper than the current entry-level Tesla.<\/p>\n
Tesla currently operates two factories outside the United States. In addition to the Shanghai and Berlin plants, the company is now building a new factory in Mexico.<\/p>\n
In a recent meeting with Indian officials, Tesla executives discussed domestic sourcing of parts and incentives. However, the latest round of talks did not lead to a final proposal to set up a factory. That being said, Tesla CEO Elon Musk has stated that the company is likely to make a significant investment in India.<\/p>\n