Tesla CEO Elon Musk is slated to meet Prime Minister Narendra Modi soon and is expected to announce his company's investment plans in India. Musk is expected to visit India later this month, according to sources cited in reports.
Elon Musk on Wednesday said on microblogging platform X he was looking forward to meeting Prime Minister Narendra Modi.
“Looking forward to meeting with Prime Minister @NarendraModi in India!” Musk said in a post on X Wednesday.
Musk, who has described providing Tesla electric vehicles in India as a 'natural progression', is likely to be accompanied by other company executives during the visit that is expected in the week of April 22, news agency PTI quoted a source as saying.
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In June last year, Elon Musk met with Modi during the latter's US visit and stated that he planned to visit India in 2024, expressing confidence that Tesla would enter the Indian market soon.
Musk's visit to India comes weeks after the government announced a new electric vehicle (EV) policy under which import duty concessions will be given to companies setting up manufacturing units in the country with a minimum investment of $500 million, a move aimed at attracting major global players like Tesla.
As per the above-mentioned policy, the companies that would set up manufacturing facilities for EV passenger cars will be allowed to import a limited number of cars at a lower customs import duty of 15 per cent on vehicles costing $35,000 and above for five years from the date of issuance of the approval letter by the government.
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At present, cars imported as completely built units (CBUs) attract customs duty ranging from 70 per cent to 100 per cent, depending on engine size and cost, insurance and freight (CIF) value less or above $ 40,000.
The policy is aimed at promoting India as a manufacturing destination for EVs and attract investment from reputed global EV manufacturers.
(with PTI inputs)
