India Development News & Foreign Investment Opportunities

Tesla plans: Venturing into the Indian market

US EVs on Indian roads

0

US EVs on Indian roads

Sources: Telsa. A model of EV car.

Tesla Inc, the US-based electric car major, will make a complete foray in the Indian market by 2020, starting a phase establishing from 2019, its CEO Elon Musk has confirmed through a tweet.

For now, Tesla is looking for ‘partial presence’ in India, Africa, and South America next year followed by a complete foray in 2020, he said, responding to a question through @elonmusk

The company has presence in North America, Europe and China.

Recently asked service team to expand locations to all population regions (not just major metros) in North America, Eastern Europe, China & Japan by end of next year.

“We are completely missing vast geographic regions in some cases,” he said.

The Indian government plans to allow 100% direct investment in electric vehicles for public transport and 40% in personal mobility by 2030.

The government is pressing on electric vehicles in hope to cut down on fuel-powered transportation system which is a huge cost on petroleum supplies and adds to the already worsening environment across the country.

India imports more than 80% of its crude oil supplies, the main cause of its widening trade deficits with oil export countries.

High targets set for developing renewable energies – solar and wind among others as well as electric vehicles would help manage the country’s surging import bills. fiinews.com

Leave A Reply

Your email address will not be published.