On March 22, 2022, Tesla’s “Gigafactory” in Grünheide, southeast of Berlin, began production of Model Y electric vehicles. – American electric car pioneer Tesla received approval for its “Gigafactory” in Germany on March 4, 2022, paving the way for the start of production shortly after the approval process encountered delays and setbacks. (Photo by Patrick Puller/POOL/AFP) (Photo by Patrick Puller/POOL/AFP via Getty Images)
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Tesla It is reported that locations to set up electric vehicle factories in India will be explored this month, with investments of up to US$3 billion. Financial Times report to promote Prime Minister Narendra Modi’s plan to boost domestic manufacturing.
The Financial Times reported on Wednesday that the plant could be worth $2 billion to $3 billion, citing two people familiar with the matter.
The electric vehicle maker will reportedly focus on Maharashtra, Gujarat and Tamil Nadu, which already have automotive hubs.
Tesla did not immediately respond to CNBC’s request for comment.
India last month reduced import duties on certain electric vehicles Automakers willing to invest at least $500 million and start domestic manufacturing in the country within three years.
“The Indian government has approved a plan to promote India as a manufacturing destination so that electric vehicles with latest technology can be manufactured in the country,” The government finally said moon.
Modi met with Tesla CEO Elon Musk in June. invite him Explore investment opportunities in electric vehicles in India.
In 2021, India approved Production Linked Incentive Scheme The five-year budget for cars and auto parts is 25,938 billion rupees ($3.1 billion) as part of the government’s efforts to boost domestic production and reduce dependence on imports.The plan is extended by one year It’s Jane. 1.
“Tesla is the most attractive EV maker in India due to its huge investment interest in global expansion and its ability to develop an EV production ecosystem,” Canalys analyst Ashwin Amberkar explain earlier This month.
“India’s new EV policy offers increasing incentives, making it a great opportunity for Tesla to build a strong position in the country,” Ambedkar said.
Tesla is engaged in fierce competition with China’s BYD, which overtook the U.S. electric vehicle giant to become the world’s largest electric vehicle manufacturer in the fourth quarter of 2023, and its electric vehicle sales exceeded Tesla’s. However, in the first quarter of 2024, BYD’s sales fell below Tesla.
China electric vehicle marketAccounting for nearly 60% of global electric vehicle sales. From BYD to Xpeng Motors to Xiaomi, major brands are heating up the market through price wars and the launch of new models.
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