Tesla, Inc. TSLA shares are trading lower on Wednesday.
The EV giant’s chief, Elon Musk, is reportedly planning to visit India soon to meet Prime Minister Narendra Modi, expecting to announce investments for a new factory, Reuters reported.
Musk’s visit to India coincides with the country’s two-month-long election, starting April 19, where Modi is up for contest for his rare third term.
The billionaire is scheduled to meet Modi in New Delhi during the week of April 22, with plans to unveil his India initiatives separately, the report read, citing two unnamed sources familiar with the matter.
An announcement of an investment in the world’s largest democracy during the election by the charismatic billionaire would enhance Modi’s business-friendly image, as he has long pursued foreign companies to invest in India and generate employment opportunities, Reuters stated.
During his visit, the Tesla CEO will be accompanied by other executives. Musk and Modi last met in New York in June.
Tesla had been lobbying India for months to lower import taxes on electric vehicles as it considered establishing a factory there, Reuters added.
Modi’s office and Tesla did not provide comments upon request to Reuters. Thus, Musk’s itinerary for the India trip remains subject to potential changes.
Reuters reported earlier that Tesla officials are anticipated to visit India this month to scout locations for a manufacturing plant, necessitating an investment of around $2 billion.
Additionally, as per the report, Tesla has commenced production of right-hand drive vehicles at its German facility for export to India later this year.
Price Action: TSLA shares are trading lower by 2.84% to $171.85 on the last check Wednesday.
Photo: Sheila Fitzgerald/Shutterstock
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