Tesla, the renowned American electric vehicle manufacturer, is actively exploring opportunities to establish its presence in India. According to a recent report by The Hindu Businessline dated April 9, Tesla is engaged in discussions with Reliance Industries to potentially form a joint venture aimed at setting up a local electric vehicle manufacturing facility.
Sources familiar with Tesla’s plans revealed that the company is in search of a suitable local partner to kickstart its operations in India. The move comes as part of Tesla’s broader strategy to expand its global footprint and tap into the promising Indian market.
Earlier this month, the Financial Times reported that Elon Musk had dispatched a team to India in April to scout for suitable locations for a proposed electric car plant, with estimated investments ranging from $2 billion to $3 billion.
In a recent interview with Bloomberg, Rajesh Kumar Singh, the secretary of the Department for Promotion of Industry and Internal Trade, emphasized that the ball is now in Elon Musk’s court to disclose the specifics of Tesla’s manufacturing plans in India.
Moreover, Tesla is eyeing a significant boost in its procurement of auto components from India, with Bloomberg reporting in November 2023 that the company aims to ramp up purchases to as much as USD 15 billion.
These developments underscore Tesla’s keen interest in establishing a robust presence in India’s burgeoning electric vehicle market and signify a potentially transformative partnership between Tesla and Reliance Industries.