Reports say that Tesla is looking into different places to build electric car factories, and they have their sights set on India as the next one.
It would cost between $2 and $3 billion to build the plant that Tesla wants to build in India. Narendra Modi, the prime minister, did say that he wanted India to be the next place where electric cars are made. Tesla has said that they want to build their factory in the Indian states of Maharashtra, Gujarat, and Tamil Nadu.
India recently made it easier for companies that make electric cars to get goods into the country by lowering the tariffs on those cars as long as the companies are willing to spend at least five hundred thousand money.
“India as a manufacturing destination has been approved by the Government of India,” the Indian government said. “This will allow the country to make e-vehicles with the latest technology.”
He met with Elon Musk, the CEO of Tesla, to talk about business possibilities they could work on together.
“Tesla is the most appealing electric vehicle maker for India because it has a big appetite for investment in global expansion and can build up the ecosystems for making EVs,” Ashwin Amerkar, an analyst at Canalys, said.
He went on to say, “The new Indian EV policy offers more incentives, which makes it a great chance for Tesla to build a strong presence in the country.”
China’s BYD is a popular electric vehicle business that Tesla is competing with. This makes India a better place for Tesla to grow.
