2 weeks ago
Last Updated: April 22, 2024, 20:12 IST
Prime Minister Narendra Modi with Tesla CEO Elon Musk in New York last year. (Photo/PTI)
Tesla CEO Elon Musk's visit to India postponed but company's plan to apply for electric vehicle policy remains, with focus on component sourcing
Tesla CEO Elon Musk’s highly anticipated visit to India has been postponed, but the company’s commitment to navigate the Indian electric vehicle landscape remains steadfast. Despite the delay, Tesla intends to proceed with its application for the new electric vehicle manufacturing policy.
Tesla’s Chief Sourcing Officer is slated to visit India to engage with prominent component manufacturers, according to CNBC-TV18. The EV giant is eyeing an ambitious goal for component sourcing from India to $15 billion over the next five years. According to the report, Tesla continues to scout various locations across India for the potential establishment of a manufacturing plant.
The company recently forged a strategic agreement with Tata Electronics for component sourcing, further solidifying its foothold in the Indian market. Not only that, Tesla’s collaboration with one of its top five suppliers in India, Sona Comstar, has taken a significant turn.
The supplier has inaugurated a new manufacturing facility in Mexico, geared to cater to the burgeoning demand for electric vehicle components in North America. This move highlights Tesla’s commitment to bolster its global supply chain network. India’s significance for Tesla has amplified, especially in light of the US-based company’s recent sales slowdown in China.
Musk’s scheduled visit, now deferred until after the general elections, was anticipated to be multifaceted. Aside from exploring business prospects, Musk was keen on announcing Starlink’s foray into the Indian market. The postponement of Musk’s visit is speculated to have been influenced by the charged political atmosphere surrounding the elections.
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