![]() India has a large population and Musk wants to bring Tesla everywhere so people can stop using internal combustion engine vehicles and reduce carbon monoxide emissions, said Whiston, alluding to Indian government's renewable energy ambitions.ĭan Ives, managing director at Wedbush Securities, said Musk has had a few false starts in the past, but contends India is and will remain a high priority for Tesla and its CEO in the coming years. "India will be as big as China, and maybe even bigger as there are no trade or geopolitical conflicts impacting the background," said Roth Capital's Irwin. ![]() For Tesla, India represents a big opportunity. India's potential as a lucrative market is undeniable. Tesla did not respond to multiple requests for comment. "If it goes through, it will attract EV battery makers and manufacturers, including Tesla, who may consider not only selling cars, but also setting up their gigafactories in India," Kawahashi said. The proposal is currently being reviewed by the Indian government.įollowing this, Elon Musk tweeted about Tesla's India foray next year, noted Tokyo-based Atsushi Kawahashi, senior director, automotive, at J.D. In the last week of September, Reuters reported that NITI Aayog, a federal think tank chaired by Prime Minister Modi, shared a proposal for offering $4.6 billion in incentives to companies setting up advanced battery manufacturing facilities. Musk's recent India tweet could hold the key to the automaker's plans for the second-largest economy in Asia. "There is no better time than now, given that his battery costs have dropped and he is expanding his manufacturing capabilities," said Wadhwa, author of The Driver in the Driverless Car: How Our Technology Choices Will Create the Future. Vivek Wadhwa, a distinguished fellow at Harvard Law School's Labor and Worklife Program, has been exchanging emails with Musk over the years about India, and said the Tesla CEO has expressed his intentions of entering the Indian market. "For Tesla, it's different this time because they have more money than they've ever had and with the 3 and Y out, Musk may have more time to focus on expanding there ," said Morningstar equity analyst David Whiston, adding that if Musk "wants to do it and can get a good relationship with Modi like he has with the Chinese government then it's more likely to work out." "Have to get a Tesla even if I have to sell my wife," joked another fan.Įxpectedly, Musk's comments also touched off an explosion of fawning pieces in the local media. "The advent of Tesla India will give an exponential and unprecedented push to the EV market in India," wrote one user. The Twitter comments sent Indian fans into a tizzy. Musk's October tweeting assured Indian supporters the company would be in India "next year for sure" along with a "thanks for waiting" acknowledgement. He said that in 2017, repeated it in 2018, then again in 2019 and more recently on Oct 2. For the past few years, the billionaire auto and energy tycoon's default Twitter response to Indian fans asking about Tesla's India launch plans has been "soon" or "next year." ![]() The topic of an India entry for Tesla did not come up during Tesla's earnings call on Wednesday, but recently Musk did Twitter-tease Tesla's imminent foray into the Indian market. One question more Tesla watchers have been asking about that global EV revolution is, when will India become a part of it? Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
0 Comments
Leave a Reply. |