Elon Musk's Tesla Looks To Illuminate India With Powerwall Technology

This story was first published on the Benzinga India portal.

Tesla Inc. (NASDAQ:TSLA), under the leadership of Elon Musk, is expanding its innovation footprint into India, with a focus that goes beyond electric vehicles (EVs). The company aims to significantly enhance India's battery storage infrastructure. Advanced talks are underway for the establishment of a Tesla EV factory in India, with plans to manufacture a reasonably priced car, equivalent to roughly $27,000.

According to a Reuters report, Tesla's strategy includes introducing its "Powerwall" technology into the Indian market. This advanced system, designed to store power generated from solar panels or the grid, serves as a backup energy supply during nighttime or power outages.

However, Tesla's pursuit of incentives to establish a battery storage factory in India has been met with hesitation from Indian officials due to their unavailability. Despite this, a potential breakthrough could be in the works, as the government contemplates creating a balanced business model that may extend subsidies to consumers of such revolutionary products.

Both Tesla and the Indian government maintain a keen interest in the initiative. This effort offers a glimpse into Tesla's broader strategy in India, which aims to address the diverse needs of both residential and industrial sectors with its cutting-edge battery storage systems.

India, currently wrestling with peak-time power shortages and heavily dependent on coal-based power, is striving to significantly boost its non-fossil fuel power capacity to 500 GW by 2030.

Tesla’s Powerwall, a sleek, meter-high unit, could be a critical solution in this scenario. If Tesla can adjust its pricing to meet market demands, it could unlock a high-demand sector, especially with government backing.

TSLATesla Inc

$453.62-0.20%

Overview

Market News and Data brought to you by Benzinga APIs

Comments