Recent reports indicate that Tesla, amidst a notable market downturn and plans for layoffs, is gearing up to funnel a significant investment of 2-3 billion dollars into India.
Ednews, citing Bloomberg, reveals that Tesla's CEO Elon Musk is poised to unveil a multimillion-dollar investment strategy aimed at constructing a new factory in India. The announcement is anticipated during Musk's upcoming visit to New Delhi scheduled for next week.
During his visit, Musk is slated to meet with Indian Prime Minister Narendra Modi on Monday to discuss the investment plans.
The move signals Tesla's intention to penetrate India, the world's third-largest automotive market, where the electric car industry is still in its nascent stages.
As of now, India's electric car market, though modest, is on an upward trajectory, spearheaded by domestic automaker Tata Motors.