Tesla puts India investment plans on the back burner: Reports

Tesla hasn’t made any further inquiries with government officials since Musk postponed his visit to India.

Elon Musk’s, Tesla Inc., is said to have put its India investment plans on the back burner.

As per the latest reports, Tesla hasn’t made any further inquiries with government officials since Musk postponed his visit to India in late April. It is said the government does not expect Tesla to move forward with its investment plans as the company is currently facing capital issues.

Tesla has been facing serious competition from Chinese players lately, resulting in a second consecutive drop in quarterly deliveries globally. The Cybertruck sales have been slow and the construction of a new plant in Mexico has also been delayed.

Tesla had been in discussions with the government of India to lower import taxes on imported EVs. The negotiations were successful to an extent, as the government agreed to reduce the import duty for EV makers pledging to invest at least Rs 4,150 crore and start EV production in India within 3 years.

Source: ET