Tesla eyes $3.6 billion Indian market revenue by 2030
US electric vehicle (EV) manufacturer Tesla, is projected to generate a whopping $3.6 billion in revenue from the Indian market by 2030, according to industry insiders. This prediction aligns with Tesla CEO Elon Musk's maiden visit to India, where he is scheduled to meet Prime Minister Narendra Modi. The primary objective of Musk's visit is to announce significant investments in the EV sector, hinting at India's potential as a key market for Tesla in the future.
Current EV market share in India and future projections
Currently, electric vehicles (EVs) constitute a mere 2.3% of India's vehicle market. Industry forecasts also predict that EVs within the $25,000 price range will secure at least a 15% market share by the year 2030. These projections underscore the potential for substantial growth in India's EV sector in the coming years.
India's potential as an affordable EV production hub
India is likely to become a production hub for affordable cars priced below $25,000, thereby creating export chances to developing and less developed countries. Industry experts believe that Tesla's entry here could stimulate the growth of supply chain ecosystems, and accelerate India's emergence as a significant player in the global EV industry. This development could potentially reshape the automotive landscape in India and beyond.
Tamil Nadu government woos Tesla
The Tamil Nadu government is actively pursuing Tesla to establish its first EV manufacturing facility in India. T.R.B Rajaa, state minister for industries, revealed ongoing efforts to position Tamil Nadu as an EV manufacturing hotspot. "Tamil Nadu will be pitching for all opportunities of electric vehicle manufacturing from all global car majors," he stated, highlighting the state's commitment to becoming a leader in the EV sector.
Other Indian states show interest
Several other states including Gujarat, Maharashtra, Karnataka, and Telangana have also expressed interest in hosting Tesla's manufacturing facility. These states are offering incentives to persuade the company to set up a plant, recognizing that a Tesla facility could generate thousands of jobs and significantly boost revenue. Reports suggest that Tesla is in discussions with Reliance for assistance in establishing a plant and creating a supportive ecosystem in India, although neither company has confirmed these talks.
