Replying to a post that said that he will be postponing his visit due to an upcoming Tesla earnings call, Musk confirmed that he will not be able to make the trip as scheduled.However, he expressed his eagerness to visit India at a later date, indicating that the visit may be rescheduled for later in the year.
Musk’s visit to India is highly anticipated as it is expected to pave the way for Tesla’s official entry into the Indian market. “Unfortunately, very heavy Tesla obligations require that the visit to India be delayed, but I do very much look forward to visiting later this year,” he wrote.
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The central government recently introduced a new Electric Vehicle (EV) policy that has given rise to speculations of Tesla’s arrival on our shores, albeit with certain conditions that must be met.
Under the newly-introduced policy, global companies eyeing the Indian EV market must invest a minimum of Rs 4,150 crore (approximately USD 500 million) to establish electric vehicle manufacturing plants within the country. There is no ceiling on the amount they can invest, offering flexibility for companies to scale their operations according to their strategies.
These companies are granted a timeline of three years to commence operations and begin manufacturing electric cars within India’s borders. Additionally, within five years of operation, a requirement stipulates that at least 50 percent of the parts used in their vehicles must be locally produced. By the third year of operation, this percentage should be at 25 percent. On the other hand, if Tesla, or any other global EV maker meets these conditions, they will be allowed to import a limited number of EVs at a lower tax rate of just 15 percent.