Elon Musk, the CEO of Tesla, has confirmed his plans to visit Bharat, where he will meet with Prime Minister Narendra Modi. Musk announced this on the social media platform, X, sparking widespread excitement among internet users. The confirmation of Musk’s visit coincides with reports of Tesla scouting for land in Bharat to establish a manufacturing facility, as well as the Bharatiya government’s new electric vehicle (EV) policy aimed at attracting foreign manufacturers.
Looking forward to meeting with Prime Minister @NarendraModi in India!
— Elon Musk (@elonmusk) April 10, 2024
In a post on X, Musk expressed his anticipation for the meeting with Prime Minister Modi, which quickly went viral, garnering over 33 million views and 153 thousand likes within hours. Social media users welcomed Musk’s visit, with many expressing enthusiasm for the prospect of Tesla setting up operations in Bharat and making Tesla vehicles more accessible to Bharatiya consumers.
The timing of Musk’s visit is significant, coming on the heels of the Bharatiya government’s announcement of a new EV policy designed to incentivize investment from global manufacturers. The policy offers significant tax reductions of up to 85% on the import of a specified number of EVs and encourages companies to establish manufacturing facilities within the country.
Under the new policy, companies that invest in manufacturing facilities for electric passenger cars will benefit from reduced customs or import duties of 15% on vehicles priced at a minimum of $35,000 (approximately Rs 29 lakh) for a period of five years. To qualify, EV manufacturers must commit to investing a minimum of Rs 4,150 crore ($500 million) and must set up manufacturing facilities within three years. Additionally, manufacturers are required to achieve 50% domestic value addition within five years, with 25% of this target to be met by the end of the third year.
Musk’s visit to Bharat signals Tesla’s interest in capitalizing on the opportunities presented by Bharat’s burgeoning EV market and the favorable policy environment created by the government. It represents a significant step towards Tesla’s potential entry into the Bharatiya market and underscores the growing importance of electric vehicles in India’s transition towards sustainable transportation solutions.
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