According to rumors, Tesla is almost ready to start selling its cars directly in India. The company is reportedly preparing to import the vehicles from overseas next year and set up a production facility within 24 months. The American manufacturer of electric vehicles (EVs) has been a major player in both established and developing countries in recent years, ranking among the top sellers of zero-emission passenger vehicles.
An announcement about its market launch could be made in the first month of 2024 CY at the Vibrant Gujarat Global Summit. States like Tamil Nadu, Maharashtra, and Gujarat are considered for the establishment of a future factory because of their well-established resource bases and the fact that many local and international automakers produce their goods there.
According to reports, Tesla is concentrating on investing at least USD 2 billion to establish a manufacturing facility and may try to obtain USD 15 billion worth of local components. In the future, Tesla would also want to build battery packs and related parts domestically in order to realize economies of scale and make the prices competitive.
The local government’s connection with Tesla has undoubtedly strengthened in the last few months, even though there hasn’t been any formal confirmation as of yet. The CEO of Tesla, Elon Musk, revealed in the middle of 2023 that a significant investment is planned for India in the upcoming year. The corporation has been establishing new factories and rapidly growing its global footprint.
At the moment, Tesla manufactures electric cars in Germany, China, and the United States. Although the Indian EV business is off to a strong start, a large client base still has a ways to go before it becomes appealing. There will be a lot of activity in this market over the next three years as popular companies including Maruti Suzuki, Hyundai, Tata, Mahindra, Honda, Kia, and Toyota prepare to introduce new models.
However, in the luxury market, a number of companies have already introduced their EVs quickly after making their global debuts, and consumers have responded favorably to this increased availability. According to reports, the initial Tesla vehicles manufactured in India may only set you back about USD 20,000, or roughly Rs. 16.67 lakh.