Musk-owned Tesla to double component imports from India: Piyush Goyal
Tesla, the US electric vehicle manufacturer, is set to double its import of components from India, as stated by Union Commerce Minister Piyush Goyal. Goyal took to social media platform X to express his pride. He wrote, "Proud to see the growing importance of Auto component suppliers from India in the Tesla EV supply chain. It is on its way to double its components imports from India."
Check out Goyal's post
Tesla's previous component purchases from India
In September, Goyal disclosed that Tesla aimed to procure components valued between $1.7 billion and $1.9 billion from India this year, a significant increase from the $1 billion worth of components purchased last year. Goyal's trip to the US was intended to involve discussions with Tesla CEO Elon Musk regarding the company's intentions to establish a factory in India. The target is to manufacture a $24,000 car locally, source additional components, and develop a nationwide charging infrastructure.
Tesla EV in India soon?
The Union Minister is currently on a four-day visit to the US to attend the Indo-Pacific Economic Framework (IPEF) Ministerial Meeting and the Asia-Pacific Economic Cooperation (APEC) Summit. Piyush Goyal's visit is being seen as a sign that the Indian government may have finally agreed to grant Tesla tax concessions for the electric car maker to set up a factory in India. Recent reports suggest that India is considering reducing the duty on electric vehicles to 15% across the board.
