The company is likely to launch Tesla Model 3 in India first. Elon Musk, in a tweet had posted about Tesla’s India plans recently
The giant of electronic vehicles market, Tesla, is coming to India in early 2021. This information was revealed by the Union Minister for Road Transport and Highways and the Minister of Micro, Small and Medium Enterprises Nitin Gadkari. He was conversating with the Indian Express Team.
Tesla is likely to start by building a sales and marketing team in India. Tesla might look at the possibility of assembling and manufacturing cars in India based on the response it gets for its products here. It is to be noted here that Tesla already has a manufacturing plant located in China. Elon Musk, in a tweet recently, had mentioned tha Tesla will start operations in India in 2021.
Tesla’s market cap is reaching new heights
Tesla’s market cap in 2020, has increased by more than $500 billion. It is said to be worth more than the global cap of top nine car makers in the world. The company, at the moment,might be looking to import completely built units (CBUs), in India. It is highly ulikely that Tesla will collaborate with an India brand to assemble its cars here.
Under the National Electric Mobility Mission Plan (NEMMP) 2020, India has set an ambitious target to achieve six to seven million sales of hybrid and electric vehicles by 2020. Based on the experience from Phase-I of FAME India Scheme, it was observed that sufficient charging infrastructure is required to achieve expected outcome of the plan, which is being addressed presently in Phase-II of FAME Scheme.
The government has already allocated Rs 10,000 crore for Faster Adoption and Manufacturing of Electric Vehicles (FAME II) scheme to encourage EV manufacturing and adoption in India.
In a move to make EVs affordable to consumers, the government has announced an additional income tax deduction of 1.5 lakh on the interest paid on loans taken to purchase electric vehicles (EV).