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Tesla in Talks with India to Locally Produce 500,000 EVs a Year
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2023-08-18
Tesla is in close discussion with the Indian government on an investment plan, and there is hope for a Tesla plant in India to manufacture electric vehicles, with an estimated annual production capacity of 500,000 units. Tesla intends to expand the electric vehicle market in the Indo-Pacific region by using India as an export base. Since the automotive industry's supply chain was disrupted by the China's lockdown during the pandemic, many car manufacturers have begun to look for alternative production bases in Asia, favoring India.
Craig Irwin, Managing Director of Roth Capital Partners, said, "Tesla will need to penetrate all regional markets if it is to realize its long-term growth goals. The challenges that Tesla faces in China emphasize the fact that India is the answer to all of Tesla's problems. Tesla needs India."
But Tesla's plan to enter the Indian market has had many twists and turns. Tesla has been planning to sell electric cars in India since a few years ago, but the Indian government has imposed a 100% tax on imported electric cars. Tesla has repeatedly asked India to reduce the import tax, but last year the Indian government rejected the request, which led to a deadlock between the two sides. Tesla was originally reluctant to take the risk of manufacturing electric vehicles in India, hoping to export electric vehicles to India to test the waters before considering it. In May this year, India's commerce and industry ministers returned to the negotiating table with Tesla representatives, revealing that the Indian government intends to provide subsidies and tax breaks to allow Tesla to reconsider investing in its India plant.
According to insiders, what Tesla cares most about is not only government subsidies and tax breaks, but also bringing its own supply chain to India, but the Indian government wants Tesla to use the existing supply chain of the local automobile industry in India. "We asked Tesla about their specific needs for parts and tried to convince them to source parts from the Indian EV supply chain, but they already have long-standing suppliers," an Indian official said. We are hoping for a breakthrough in the initial negotiations."
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