Elon Musk Scheduled to Meet Modi in India, Potential Investment Announcement Expected, Sources Say

Elon Musk, the CEO of Tesla, announced plans to visit India and meet with Prime Minister Narendra Modi. Sources familiar with the matter revealed that Musk intends to make significant investment announcements during his visit, including plans for a factory in the country.

In a social media post, Musk expressed his anticipation of meeting with Prime Minister Modi during his upcoming trip to India. The meeting is scheduled to take place in New Delhi during the week of April 22. While details of the trip remain confidential, sources indicate that Musk will unveil his plans for investment in India during his visit.

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Both Modi’s office and Tesla declined to comment on the visit, indicating that Musk’s agenda could still undergo changes before his arrival in India. The timing of Musk’s visit coincides with India’s upcoming two-month-long election, with Modi expected to secure a rare third term as Prime Minister.

An investment announcement from Tesla during the election period would serve to bolster Modi’s reputation as a business-friendly leader. Modi has long sought to attract foreign investment and encourage companies to establish manufacturing operations in India, thereby boosting job creation.

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During his visit, Musk will be accompanied by other Tesla executives, signaling the company’s serious intent to expand its presence in India. This visit follows previous interactions between Musk and Modi, including a meeting in New York last June.

Tesla has been lobbying the Indian government to reduce import taxes on electric vehicles, and India recently announced a new EV policy aimed at attracting foreign investment in the sector. The policy includes significant tax reductions for manufacturers willing to invest in local production facilities.

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Reports suggest that Tesla officials will explore potential sites for a manufacturing plant during their visit to India, with an estimated investment of around $2 billion. Additionally, Tesla has initiated production of right-hand drive vehicles at its German plant, signaling its readiness to enter the Indian market.

Musk emphasized the importance of introducing electric vehicles to India, noting that it is a natural progression for the country to embrace sustainable transportation solutions. Tesla’s entry into the Indian market comes at a time when demand for EVs is growing, albeit from a relatively small base.

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While India’s EV market is still in its nascent stages, the government has set ambitious targets to increase EV adoption in the coming years. With Tesla’s entry, the EV landscape in India is expected to undergo significant transformation, potentially accelerating the country’s transition towards electric mobility.