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

  • 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.
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