Tesla to set up factory in India, plans to sell cars for as low as Rs. 20L: Report

Anurag — Thu, 13 Jul 2023 15:16:59 +0000

Tesla cars have become incredibly popular in the US and China. Led by the notorious billionaire Elon Musk, Tesla has become the world’s largest electric vehicle (EV) manufacturer. However, the company has yet to expand to many important markets. In a step in the right direction, it appears that the US automaker will soon set up a factory in India with an annual capacity of 500,000 vehicles. The company plans to sell these cars at a starting price of ₹20 lakh, according to a report.

Tesla could also export cars from India

Times of India has learned that Tesla is now in talks with the Indian government to set up its first factory in the country. The US giant plans to produce up to 500,000 electric vehicles (EVs) annually, with prices starting at ₹20 lakhs, according to the report, which cites government sources. The Indian Commerce and Industry Ministry is reported to be leading the talks this time, and it wants to put together a “good deal” while maintaining a level playing field.

Tesla’s entry in India could give the country’s EV market a significant boost and the consumers more varied options to choose from. The India electric vehicle market size was USD 1.45 billion in 2021, which grew to $3.21 billion in 2022, according to Fortune Business Insights.

Tesla not only wants to manufacture cars in India but it also wants to export them to other Indo-Pacific countries, reports TOI. The company is currently exporting its cars from China to other countries. As of March 2023, 35,886 China-made cars were exported from the Shanghai plant to the rest of the world (via Car News China).

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Tesla to set up factory in India, plans to sell cars for as low as Rs. 20L: Report

Tesla could also export cars from India