Elon Musk, the CEO, said on Tuesday night that the multinational EV company will probably make a significant investment in India soon. In the meantime, as worries about margins and demand persist, TSLA was downgraded.
Following their meeting on Tuesday in New York City, Musk gave reporters hints that it’s “quite likely” that Tesla will soon be present in India. Musk met with Prime Minister Narendra Modi of India.
“We don’t want to jump the gun on an announcement but it’s quite likely that there will be a significant investment and relationship with India in the future,” Musk stated on Tuesday.
Tesla CEO Elon Musk stated that the business is looking to invest in India “as soon as humanly possible.”
Because he is pressuring us to make large investments in India, which we plan to do, [Modi] clearly cares about the country. Simply put, we’re attempting to determine the ideal moment, Musk said to reporters.
Without giving a timeframe, he stated, “I am confident that Tesla will be in India and will do so as soon as humanly possible.” Musk stated that he intends to go to India in the upcoming year.
Musk has long been planning his entry into the Indian market. The CEO stated in 2017 that Tesla (TSLA)
Musk and Modi held their meeting as several countries jockey for new Tesla manufacturing plants.
Reuters reported earlier this month that TSLA was in talks to make an “automotive investment,” possibly a vehicle plant, in Valencia, Spain. Other reports circulated in June said Tesla had agreed in-principle with a plan to set up a manufacturing plant in India.
Neither Tesla nor Musk have committed to firm plans for a new manufacturing facility in Europe or India.
India’s rising importance as a U.S. geopolitical partner is being highlighted by Modi’s diplomatic visit to Washington, D.C., on Wednesday. In his first visit to the U.S. since 2019, Modi will address Congress and attend a state dinner at the White House.
The Washington Post reports President Joe Biden and Modi will discuss China and will announce new partnerships on defense platforms and technology.
