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Tesla Could Use Its Indian Factory As An Export Base, Analyst Says

Tesla Could Use Its Indian Factory As An Export Base, Analyst Says

Tesla Inc (NASDAQ: TSLA) may use its future Indian factory as a base for exports, an analyst told Bloomberg on Monday.

What Happened: Gartner Senior Research Director Pedro Pacheco said that the Elon Musk-led automaker could utilize the Indian manufacturing unit as an export base and leverage several markets at the same time.

The analyst noted the possibility while taking into account the constraints Tesla faces in emerging markets.

“Considering the price of a Tesla, Elon Musk probably won’t be able to sell an EV to most of the population in emerging economies,” Pacheco told Bloomberg.

See also: How to Invest in Tesla Stock

According to Pacheco, the Palo Alto, California-based automaker is likely to target a “fast-growing group of affluent individuals” in markets with large populations and potential for economic growth.

Why It Matters: Over the weekend, it was reported that Tesla will set up an EV manufacturing facility in Karnataka, India.

The news was confirmed by Karnataka’s Chief Minister B.S. Yediyurappa in a statement, according to local media outlets and Reuters.
See Also: Why Tesla Will Find Indian Auto Market A Tough Nut To Crack

Since the beginning of the year, there has been a buzz around the automaker’s India entry.

Price Action: Tesla shares closed 0.55% higher at $815.12 on Friday and gained almost 0.2% in the after-hours session.

Click here to check out Benzinga’s EV Hub for the latest electric vehicles news.

Latest Ratings for TSLA

Apr 2021MizuhoMaintainsBuy
Apr 2021Canaccord GenuityUpgradesHoldBuy
Apr 2021JP MorganMaintainsUnderweight

View More Analyst Ratings for TSLA
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