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Musk Says Tesla Considering India Investment After Modi Meeting

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(Bloomberg) – Tesla likely to invest heavily in India, Chief Executive Elon Musk says Indian Prime Minister’s visit to U.S. to boost development of world’s most populous nation said after meeting with Narendra Modi inside.

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“I am confident that Tesla will enter India and will do so as soon as humanely possible,” Musk told reporters after the meeting. “I’m not jumping on the announcement, but I think there’s a pretty good chance there will be a relationship with India and a lot of investment.”

Tesla and India resumed talks in May after a year-long standoff. During a recent trip to India, Tesla executives met with government officials to discuss domestic procurement of parts and incentives, but did not come up with a proposal to build a factory.

Musk, who is often pitched by Indian officials to build electric cars locally, said he plans to visit the South Asian country in 2024.

Leaders of Asia’s third-largest economy want to capitalize on the growing chill between China and Washington by positioning China as an alternative destination for companies seeking to limit exposure to the country. thinking. Modi’s visit to New York potentially included a gathering of more than 20 celebrities to discuss private matters, according to a person familiar with the plan, who asked not to be named.

U.S. National Security Advisor Jake Sullivan said cooperation between U.S. and Indian companies on critical and emerging technologies and reducing regulatory barriers to trade in strategic areas is scheduled for Thursday. said Prime Minister Narendra Modi and U.S. President Joe Biden. Industry event held in New Delhi last week.

Tesla did not respond to an email sent to the press address on its website. Officials for the Indian Ministry of Foreign Affairs, Road Transport and Highways did not respond to requests for comment.

Musk was looking for a location for Tesla’s next factory. Earlier this month, in a meeting with Emmanuel Macron, he said France would tout its fascination with the possibility of building a factory, but that the automaker would consider the prospects of a project in Europe. Italy is another suitor.

Mr. Musk is in talks with other Asian countries about opening factories. Yoon Seok-yeol said in November that he considered South Korea to be the front-runner for investment, according to the presidential office. Musk said he will make a decision after comprehensively considering investment conditions such as human resources and technology.

Bloomberg News reported in January that Tesla was nearing a preliminary agreement to set up a factory in Indonesia that will produce as many as one million cars a year.

–With help from Linda Lew.

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