India Is Getting Closer to a Deal With Tesla to Import EVs and Build up a Factory

Tesla would commit an initial minimum investment of roughly $2 billion in any factory and would seek to grow procurement of car components from the country to as high as $15 billion.

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According to persons familiar with the Indian government’s thinking, India is nearing a deal with Tesla Inc.

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According to the sources, no final decision has been taken and the plans may alter.

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Tesla CEO Elon Musk stated in June that Tesla expects to make a “significant investment” in India and that he hopes to visit in 2024.

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Modi’s government has been striving to enhance domestic EV production and encourage faster adoption of greener transportation.

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Last year, the electric automaker imported $1 billion in parts from India, he said at an event in New Delhi.

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