On Tuesday, Elon Musk, the CEO of Tesla Inc TSLA, met with Indian Prime Minister Narendra Modi during his visit to the U.S.. Musk discussed Tesla’s investment plans for India, marking a significant step in the electric vehicle (EV) manufacturer’s entry into the South Asian market.
What Happened: Musk and Modi held a meeting in New York, where the Tesla CEO outlined the company’s investment plans in India, Reuters reports. The meeting comes amidst Tesla’s ongoing efforts to establish a presence in India, a market with significant growth potential for EVs.
“I am confident that Tesla will be in India and will do so as soon as humanly possible,” Musk told media.
“I would like to thank the prime minister for his support and hopefully we’ll be able to announce something in the not too distant future,” he added.
Why It Matters: The meeting between Musk and Modi signifies a crucial development in Tesla’s India strategy. As Benzinga reported in May, Tesla has been revving up its entry into the Indian market, which is seen as the next big frontier for EVs.
Earlier this month, Benzinga also reported that Tesla is planning to set up a local assembly unit and vendor base in India. The discussion with Modi could pave the way for Tesla’s smoother entry into India, overcoming regulatory hurdles and gaining government support for its plans.
Read Next: Tesla-India Speculations Ignite As Prime Minister Modi Lines Up Meeting With Elon Musk
Hi, I am the Benzinga Newsbot! I wrote the above article, utilizing the sources I hyperlinked above. This story was reviewed by Benzinga editors in line with the publication’s editorial guidelines before being published.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
