Elon Musk Delayed the Trip to India
Elon Musk, the CEO of Tesla, has decided to delay his scheduled visit to India, during which he intended to meet with Prime Minister Narendra Modi on Monday. This postponement also includes the announcement of Tesla’s entry into the South Asian market. The CEO in a post on X said, “Unfortunately, very heavy Tesla obligations require that the visit to India be delayed, but I do very much look forward to visiting later this year.”
Elon Musk eagerly anticipating to meet Prime Minister Narendra Modi in India
Musk had plans to meet Prime Minister Narendra Modi in the coming week. Additionally, he was set to hold discussions with high-ranking officials from state governments where Tesla is considering establishing an electric vehicle assembly unit. Musk also intended to meet with executives from other space-tech startups during his visit.
On April 10, Musk expressed anticipation about meeting Prime Minister Narendra Modi in India, as he tweeted, “Eagerly anticipating my meeting with Prime Minister Narendra Modi in India!”
Reports suggested that the CEO was poised to unveil an investment plan of $2-$3 billion in India, primarily aimed at constructing a new factory.
On Musk’s visit to India, PM Modi had said, “I want investment to come in India because in India, it doesn’t matter who has invested money, (but) the sweat put into the work must be of our own people. The product should have the essence of our soil, so that our youth in the country will get employment opportunities.”
Musk’s imminent trip to India coincided with the recent unveiling of India’s new electric vehicle policy. This policy offers import duty concessions to companies establishing manufacturing facilities within the country, provided they invest a minimum of $500 million. The initiative is designed to lure prominent international players such as Tesla to India’s electric vehicle market.
Under the policy, companies establishing manufacturing plants for electric vehicle (EV) passenger cars will have the opportunity to import a restricted quantity of vehicles at reduced customs or import duties. This concession entails a 15% duty on vehicles priced at $35,000 and higher for a period of five years from the issuance of the government’s approval letter.
Currently, fully assembled cars imported as completely built units (CBUs) incur customs duties ranging from 70% to 100%. These duties are contingent upon factors such as engine size and the cost, insurance, and freight (CIF) value being either below or above $40,000.
Also read: Tesla Issues Safety Recall for 2024 Model Year Cybertrucks Due to Accelerator Defect
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