Tesla is preparing to launch its electric vehicles (EVs) in India, with the first shipment expected to arrive soon. The U.S.-based EV giant plans to ship thousands of cars to a port near Mumbai in the coming months, targeting the world’s largest population. This follows Elon Musk’s meeting with Indian Prime Minister Narendra Modi, after which Tesla announced plans to start hiring in India. Tesla aims to establish a manufacturing unit in India, contacting state governments in Gujarat, Tamil Nadu, and Maharashtra for potential factory locations. The company plans to invest between $2 billion and $3 billion in a plant with a capacity of 500,000 vehicles, producing a budget EV priced between ₹20-25 lakh. Tesla intends to sell its cars in cities like New Delhi, Mumbai, and Bengaluru by the third quarter. The cars will be shipped from Germany, not China, due to Indian government concerns. A recent customs duty cut from 110% to 70% on cars over $40,000 may facilitate Tesla’s entry into the Indian market. On Wall Street, analysts maintain a neutral stance on Tesla stock, with an average price target of $351.38. — news from TipRanks
