Musk-Modi Rendezvous - Tesla Chief Reportedly To Meet Indian PM Amid Election Heat In Largest Democracy, Eyes Billion-Dollar Factory

Zinger Key Points
  • Elon Musk set to meet Indian PM Modi amid elections, aiming to announce Tesla's investment plans.
  • Musk's visit coincides with India's election season; expected to unveil initiatives for Tesla's factory.

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.

Also Read: Elon Musk Agrees With Donald Trump Ally That Anthony Fauci Should Be Jailed For Lying To Congress In COVID Testimony

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.

Also See: Elon Musk Challenges Alphabet With Tesla’s Robo Taxis As Apple Exits The Self-Driving Car Race After Wasting Billions

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.

Read Next: Elon Musk Reacts To Old Clip Of Apple Co-Founder Steve Jobs Saying ‘There’s A Tremendous Amount Of Craftsmanship In Between A Great Idea And A Great Product’

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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