Although Tesla CEO Elon Musk's much-anticipated visit to India has been postponed, the company's commitment to steering the country's electric vehicle industry remains unwavering. Despite the delay, Tesla intends to proceed with its application for a new electric vehicle manufacturing policy.
According to reports, Tesla's chief procurement officer will be visiting India to work with prominent component manufacturers. CNBC TV 18. The EV giant is aiming for an ambitious goal of increasing its parts procurement from India to $15 billion over the next five years. According to reports, Tesla continues to scout various locations across India for potential manufacturing plants.
The company recently entered into a strategic agreement with Tata Electronics for component procurement, further strengthening its foothold in the Indian market. Not only that, the cooperation between Tesla and Sona Comstar, which is one of the top five suppliers in India, has also changed significantly.
The company has opened a new manufacturing facility in Mexico to meet the surge in demand for electric vehicle parts in North America. The move highlights Tesla's commitment to strengthening its global supply chain network. India's importance to Tesla is even greater, especially given the US-based company's recent sales slowdown in China.
Musk's scheduled visit was postponed until after the general election, but was expected to be multifaceted. Apart from exploring business prospects, Musk was keen to announce Starlink's entry into the Indian market. It is speculated that Musk's postponement of his visit was influenced by the tense political atmosphere surrounding the election.
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First published: April 22, 2024, 20:12 IST
