Introduction
A government official said that Tesla’s founder Elon Musk will not be announcing investment plans for his company’s entry into India at the Vibrant Gujarat Global Summit. According to Rahul Gupta, MD, Gujarat Industrial Development Corporation, “It is the prerogative of any company to decide where to invest.
The Gujarati government will be more than pleased to assist them. He was answering a question about the likelihood that Musk would reveal plans to establish a Tesla automobile production plant in Gujarat during the investor summit in the state.
At the Vibrant Gujarat Global Summit 2024, the Gujarat Industrial Development Corporation’s managing director, Rahul Gupta, stated that the state is eager to welcome Tesla to India. Elon Musk, the CEO of SpaceX and Tesla, would not be in Gujarat, an official said.
Elon Musk, the CEO of Tesla, said on Wednesday that he will not be attending the three-day Vibrant Gujarat Global Summit; nonetheless, the company is welcome to invest in the state. “The Gujarat Industrial Development Corporation’s Managing Director, Rahul Gupta, stated that the state is eager to welcome Tesla to India.”
According to Gupta, the state is rather home to a slew of electric vehicle [Ev] manufacturers, adding that the state’s strong infrastructure and industrial landscape are among the other factors that can lure a business like Tesla.
He was answering a question about the likelihood that Musk would reveal plans to establish a Tesla automobile production plant in Gujarat during the investor summit in the state.
Gupta went on to say, “Gujarat remains the most sought-after investment destination for the electric vehicle sector.”
Prime Minister Narendra Modi’s visit to the US in mid-June 2023 included talks with the electric vehicle producer about establishing a manufacturing site in India, according to Foreign Secretary Vinay Kwatra.
Since then, Tesla and India have been negotiating an investment of up to $2 billion for the establishment of an EV facility in India. Nevertheless, for the first two years at least, the corporation has asked for concessional import tariffs on automobiles, ranging from 15% to 20%.