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NEW DELHI: Commerce minister Piyush Goyal is all set to meet billionaire Elon Musk in the United States next week as the two sides look to advance Tesla‘s plan to enter the Indian market, Reuters reported quoting sources familiar with the plans.
The meeting between Goyal and Musk will be the most high-profile one since the Tesla boss met Prime Minister Narendra Modi in June and later said he was keen to make significant investments in the country.
Earlier, reports said that the Modi government is actively working to streamline approvals for Musk’s Tesla for the US maker’s potential entry into India.
It aims to have all necessary clearances in place by as early as January 2024.
According to Reuters, the talks between the Musk and Goyal in US will centre around Tesla’s plans to setup an Indian factory, manufacturing a $24,000 car there, sourcing more components and establishing charging infrastructure across the nation.
They will also likely discuss India’s new proposed policy which will allow automakers to import fully built EVs into the country at a reduced tax rate of 15%, down from as much as 100% now, if they commit to some local manufacturing.
This meeting is to ensure that talks between India and Tesla “are moving in the right direction,” sources said.
Musk’s Tesla and India have been in talks for several months for the carmaker’s potential entry in the South Asian market.
On Monday, the Prime Minister Modi’s office held a meeting with various ministriesto expedite the new EV policy, another source said.
Tesla first tried to enter India in 2021, pushing officials to lower the 100% import tax for EVs.
However, the talks collapsed last year when officials conveyed the company would have to first commit to local manufacturing.
(With inputs from Reuters)
The meeting between Goyal and Musk will be the most high-profile one since the Tesla boss met Prime Minister Narendra Modi in June and later said he was keen to make significant investments in the country.
Earlier, reports said that the Modi government is actively working to streamline approvals for Musk’s Tesla for the US maker’s potential entry into India.
It aims to have all necessary clearances in place by as early as January 2024.
According to Reuters, the talks between the Musk and Goyal in US will centre around Tesla’s plans to setup an Indian factory, manufacturing a $24,000 car there, sourcing more components and establishing charging infrastructure across the nation.
They will also likely discuss India’s new proposed policy which will allow automakers to import fully built EVs into the country at a reduced tax rate of 15%, down from as much as 100% now, if they commit to some local manufacturing.
This meeting is to ensure that talks between India and Tesla “are moving in the right direction,” sources said.
Musk’s Tesla and India have been in talks for several months for the carmaker’s potential entry in the South Asian market.
On Monday, the Prime Minister Modi’s office held a meeting with various ministriesto expedite the new EV policy, another source said.
Tesla first tried to enter India in 2021, pushing officials to lower the 100% import tax for EVs.
However, the talks collapsed last year when officials conveyed the company would have to first commit to local manufacturing.
(With inputs from Reuters)
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