Tesla to enter Indian market in 2021 suggest Elon Musk
New Delhi: Tesla Inc founder and CEO Elon Musk in a tweet indicated on Friday that it will make an entry into Indian market in 2021. “Next year for sure,” Musk said on Twitter in reply to a post with a photograph of a T-shirt with the message: “India wants Tesla”.
A tweet by Tesla India Club said- Hey Elon, just thought we’d put this out here. We wait and hang on to hope wrt” hopefully soon “for India Tesla entry. Would love to hear of any progress in this regard. ” In response Musk wrote- “Thanks for waiting.”
Currently, Prime Minister Narendra Modi’s government has become increasingly focused on promoting the use and manufacture of electric vehicles. Previously, India’s auto sector was already facing an economic slowdown further it has gone wider due to novel coronavirus pandemic. Automobile industry is seeking government support to push sales.
India will be the next automatic frontier for Tesla after its Chinese foray. Recently, the US electric car maker cut the starting price of its Chinese-made Model 3 sedans by about 8% to 249,900 yuan ($ 36,805), once Chinese subsidies for electric vehicles are taken into account, according to its China website. It has sold more than 11,000 vehicles, mostly Model 3s, in August in China.
Earlier, a year ago Elon had tweeted saying that import duties in India were “extremely high even for electric cars. This would make our cars unaffordable,” amid expectation of a 2020 launch. In 2017, Mr. Musk tweeted, “Maybe I’m misinformed, but I was told that 30% of parts must be locally sourced and the supply doesn’t yet exist in India to support that.”
Hey Elon , just thought we'd put this out here. We wait and hang on to hope wrt "hopefully soon" for India Tesla entry. Would love to hear of any progress in this regard. pic.twitter.com/8FNvyqFhIX
— Tesla Club India™ (@TeslaClubIN) October 2, 2020
Tesla shares rose as much as 495% this year. Its market value is nearly $ 400 billion, making it one of the largest companies listed on a U.S. exchange. The shares have swung an average of 4.4% a day in 2020, compared to 1.5% for the S&P 500 as per media reports.