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Tesla Inc (NASDAQ:TSLA) will set up an electric car manufacturing unit in Karnataka, India, according to reports.
What Happened: "American firm Tesla will open its electric car manufacturing unit in Karnataka," Chief Minister BS Yediyurappa said in a statement, according to Indian business newspaper Mint and Reuters.
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On January 8, Tesla registered the company named Tesla Motors India and Energy Private Limited with its registered office in the city of Bengaluru, Karnataka.
CEO Elon Musk has tweeted several times about his India plans. The first Tesla model to be sold in India could be the Model 3 sedan, at a starting price of $40,960, plus import duties.
Why It Matters: Of late, India has been looking to reduce its dependence on oil and to promote electric vehicles. Tesla’s entry into the Indian market would help meet these goals. And the huge market holds similar potential for Tesla as China does.
However, the price range of Tesla vehicles is outside the reach of most Indians, plus there is the heavy import duty to consider.
But the company’s presence would boost the economy and employment in the country.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.