Shifting Stance: Tesla Now Eyes Setting Up EV Plant In India

May 17, 2023 10:10 AM | 1 min read | Make a Comment

Tesla, Inc TSLA proposed setting up a factory in India to build electric cars for domestic sale and export.
The EV maker did not discuss lowering import tax on electric vehicles, Reuters cites familiar sources.
Senior Tesla executives are in India this week to meet the government to discuss local sourcing of parts and other issues.
Tesla's renewed interest in India comes nearly a year after it shelved plans to sell cars there after failing to secure lower import taxes.
Local sourcing aligns with the Indian government's pitch to attract manufacturers, especially as companies including Apple Inc AAPL look to diversify their supply chains beyond China.
Price Action: TSLA shares traded higher by 2.60% at $170.85 on the last check Wednesday.