Tesla is preparing to introduce 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 begin hiring in India. Tesla aims to establish a manufacturing unit in India, contacting state governments in Gujarat, Tamil Nadu, and Maharashtra for potential locations. The company plans to invest between $2 billion and $3 billion in a plant with a capacity of 500,000 vehicles, focusing on 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. Despite high import taxes, a recent customs duty reduction from 110% to 70% on cars over $40,000 may aid Tesla’s entry. On Wall Street, Tesla stock holds a neutral stance, with an average price target of $351.38. — news from TipRanks
