Elon Musk plans visit to India for meeting with PM Modi

• Elon Musk has announced a visit to India to meet Prime Minister Narendra Modi.
• Musk plans to unveil significant investment plans in India.
• Musk’s visit coincides with the commencement of the six-week-long elections on 19 April.

Elon Musk announced on his social media platform X, formerly Twitter, that he would visit India to meet Prime Minister Narendra Modi without specifying a date. It is anticipated that the Tesla boss will soon unveil significant investment plans in the country.

Last month, India reduced import taxes on electric vehicles (EV) for global carmakers that commit to investing $500 million (£399 million) and commencing local production within three years.

In 2021, the Tesla boss stated that India’s high import duties had hindered the firm from introducing its cars in the world’s fastest-growing major economy.

On Wednesday, Mr. Musk wrote in a post, “Looking forward to meeting with Prime Minister Narendra Modi in India!”

A senior Indian government official informed the BBC that the meeting is scheduled for the last week of April and will occur at Mr. Modi’s official residence in New Delhi.

A response to a BBC request for comment from Tesla was not immediately available. Mr. Musk’s visit coincides with the commencement of marathon, six-week-long elections on 19 April.

Mr. Modi’s Hindu-nationalist Bharatiya Janata Party (BJP) is widely anticipated to secure a third term in power.

An announcement of Tesla’s investment during the election would enhance Mr. Modi’s image as a pro-business leader. He has actively encouraged foreign companies to establish manufacturing operations in India and generate employment opportunities.

The two men convened last June in New York, where the technology mogul remarked that Mr. Modi had been urging them to make substantial investments in India, a commitment they intend to fulfill.

At present, Tesla’s endeavor to enter the Indian market coincides with the company’s struggle against declining sales in the US and China.

During the initial three months of this year, deliveries witnessed a significant decline as Tesla contended with a fire incident at its European factory, disruptions in global shipping, and intensifying competition.

In response to heightened competition from rivals like BYD, Tesla has repeatedly reduced prices, yet demand in crucial markets such as China has declined.

Since the beginning of this year, Tesla’s shares have plummeted by almost a third of their value.

In 2022, India surpassed the UK to become the world’s fifth-largest economy, experiencing growth of 8.4% in the December quarter, buoyed by a thriving manufacturing sector.

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