Tesla Plans to Nearly Double India Component Sourcing to $1.9 Bln - Minister-To The Moon - Tiger Brokers Online Investing Community

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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."

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