Tesla intends to reveal the whereabouts of its upcoming facility by the conclusion of this year. Elon Musk, the CEO of Tesla Inc., expressed at a gathering that the company will make a decision in the coming months. When asked about his opinion on India, Musk responded positively, indicating his interest. His enthusiasm for India, along with recent discussions between Tesla and the Indian government, implies the potential for a new electric vehicle (EV) venture.
All About Tesla’s New Factory!
Rajeev Chandrasekhar, India’s IT minister, has made statements that align with Musk’s recent announcement. According to the minister’s report, Tesla is genuinely considering establishing a manufacturing facility in India. While Tesla had previously announced plans for a gigafactory in Mexico to enhance its global production capabilities, the focus has now shifted towards finding a new and more advantageous location for expansion.
Tesla executives recently held meetings with Indian government officials. However, government sources informed Business Today TV that authorities are hesitant to reduce import duties. Elon Musk, on the other hand, has argued against India’s high import taxes, claiming they are among the highest globally. Presently, a 100% import duty is imposed on vehicles priced above $40,000, while a 40% import duty is applied to vehicles costing less than $40,000 in India.
Establishing a new facility within India would resolve the longstanding standoff between Tesla and the Indian government. Government representatives, including transport minister Nitin Gadkari, have urged Tesla to set up operations in India to leverage the benefits of the “Make in India” initiatives.
Elon Musk also discussed Tesla’s factory plans and the potential establishment of a university where he would retain a significant portion of his voting rights on the Tesla board. While Musk indicated his readiness to name a successor to lead the company in unforeseen circumstances, he did not provide further details. However, he clarified that he had already identified a suitable replacement and presented the proposal to the board.
The concept of a successor gained attention last year when James Murdoch, a Tesla board director, testified in court regarding Musk’s identification as a potential replacement in response to investor concerns about his Twitter activity. In a move to focus more on Tesla, Musk recently appointed a new CEO for Twitter. The announcement of a new production location, possibly in India, before the year’s end, could have significant implications for Tesla’s growth and the electric car market as a whole. This is because Tesla is actively expanding its global presence and exploring new manufacturing prospects.
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