• 13
  • 1
  • Favorite

Tesla Plans to Nearly Double India Component Sourcing to $1.9 Bln - Minister

Reuters2023-09-13

NEW DELHI, Sept 13 (Reuters) - Tesla Inc plans to source components worth $1.7-$1.9 billion from India this year, the commerce minister said on Wednesday, amid plans by the electric vehicle maker to set up a factory in the country.

Reuters reported last month that Tesla's senior executives met the minister with an interest in building a factory in India that would produce a low-cost electric vehicle (EV) priced at $24,000, around 25% cheaper than Tesla's current entry-level model, for both the Indian market and export.

"Tesla last year already bought $1 billion worth of components from India... this year their target is $1.7-$1.9 billion," Commerce Minister Piyush Goyal said at an auto conference.

"I am convinced that this (EVs) is the future. It is something we must try to attract."

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Report

Comment1

  • Goviper
    ·2023-09-13
    If Tesla wants to set up a factory in India,  it would have been done it long ago......
    Reply
    Report
 
 
 
 

Most Discussed

 
 
 
 
 

7x24

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Company: TTMF Limited. Tech supported by Xiangshang Yixin.

Email:uservice@ttm.financial