Tesla Shows Interest in Setting Up R&D Center in India: Report

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A report, published in the Economic Times, noted that Tesla is in active talks with government of Karnataka about setting up a R&D center in Bengaluru

US-headquartered EV company Tesla is in active talks with the government of Karnataka. The company, as per a report published in the Economic Times, has shown interest in setting up a R&D center in Bengaluru.

If materiallised, this could be the possible entry of Tesla in India. Apart from haveing facilities in USA, it also has EV factories in China. The industries department of Karnataka government has already had two rounds of discussion with Tesla.

The EV market in India, as per a report by IESA, has gained significant momentum after the implementation of FAME India scheme. The total EV sales in 2018 hit 365,920 Units and expected to grow at a CAGR of 36 per cent till 2026. The EV battery market in India is estimated to be US$ 520 Million in 2018 and forecasted to grow at a CAGR of 30 per cent till 2026. The total MWh addition in 2018 hit 4.75 GWh and expected to grow till 28.0 GWh by 2026.

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A report published by Mckinsey pointed out that among EV manufacturers, Tesla continued as market leader in 2019, with 370,000 units sold globally, for a market share of about 16 per cent, up from 12 per cent in 2018.

“The launch of the Model 3 outside of the United States was the main reason for this surge. With 300,000 units sold worldwide, the Model 3 outpaced sales of the BJEV EU-series threefold and sales of Nissan Leaf fourfold,” read the report.

Tesla had begun construction of its Shanghai plant (China) in January 2019 and had successfully delivered the first locally produced EV in China in December 2019. The company also plans to build its next production plant in Germany by 2021. The company might setup a giga factory in India too.

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