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The hopes of American EV manufacturer Tesla coming to India have now reduced. Officials of Elon Musk’s company have stopped talking to people of the Indian government. Economics Times has given this information quoting sources.
People associated with the matter said that the government has understood that Tesla has some capital issues, due to which it is not going to make any new investment in India in the near future. According to reports, Tesla officials have not talked to Indian authorities for the last 3 months.
6 possible reasons for Tesla not coming to India
- For the last two quarters, the company has not been able to meet the demand of the global market.
- Chinese companies have given very tough competition to Tesla.
- Musk had announced major staff cuts in April.
- The growth of Cybertruck, which was made after many years of efforts, is slow.
- The company is building a new plant in Mexico, which is also being delayed.
- The company has several capital issues for investment in India.
Elon Musk has not been contacted after the cancellation of his India tour
After the cancellation of Elon Musk’s India tour, the company officials have not made any contact with the people of India’s Ministry of Heavy Industries, Ministry of Finance, Commerce and Industry. Elon Musk was to visit India between 22nd and 27th April this year, but suddenly he canceled the visit. Musk was also going to meet PM Modi during this tour.
Musk was coming to India after the government’s new EV policy
Elon Musk had planned to visit India after the government introduced a new EV policy. Under the new policy, foreign car manufacturing companies will have to invest at least $ 497 million (Rs 4,150 crore) in India to get tax exemption and start production of EV within 3 years from a local factory/manufacturing facility. will be.
In March this year, the government had brought new EV to increase the EV market in India.
There was no agreement between Tesla and the government in 2022
- Tesla had expressed its desire to come to India in 2022, but talks could not be reached between the company and the government. Tesla had demanded the government to reduce the import duty on fully assembled vehicles from 100% to 40%.
- The company wanted its vehicles to be considered electric vehicles and not luxury, but the government had said that it had no intention of waiving or reducing the import duty on any electric vehicles imported from other countries.
- The government had said that if Tesla commits to setting up a manufacturing plant in India, then exemption on imports will be considered. However, Musk wanted to sell cars in India first and then consider setting up a plant.
- Also replying in a tweet on May 27, 2022, Elon Musk had said, ‘Tesla will not set up a manufacturing plant at any location where it does not already have permission to sell and service cars.’
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