Elon Musk’s giant automotive company, Tesla, has yet to agree with India on their plans to set up a factory in India. In fact, after the Chief Minister of Karnataka, BS Yediyurappa has issued a statement confirming that Elon Musk’s company will soon enter India.
Since Tesla registered Tesla Motors India and Energy Private Limited in Bangalore in January 2021. Speculation has raged over the iconic electric vehicle maker plans to enter the Indian auto sector. The company remains tight-lipped about its plans.
People familiar with the developments said the chief minister signed a statement confirming Tesla’s entry sent by the Bharatiya Janata Party (BJP).
“It was a statement sent to the chief minister’s office by the party,” said a source familiar with the matter, quoted from the Hindustan Times, Monday (1/3/2021).
The intent of the statement, said the source, was to show global investor interest in India.
Talks between the two sides happened last September
Yediyurappa issued a statement on Saturday confirming that Tesla would indeed set up a manufacturing plant in Karnataka. But talks between the company and the state took place last September.
“Our officials are in constant contact with Tesla and there is still no agreement on their plans even though we have offered all available options and assistance,” said Karnataka Minister for Large and Medium-sized Industries Jagadish Shettar.
Yediyurappa’s remarks made global headlines, heralding Tesla’s plans for Bollywood as an opportunity to capitalize on the untapped potential of India’s electric motor vehicle sector.
Electric vehicles account for less than 1% of the total auto market estimated at US $ 118 billion and estimated at US $ 300 billion by 2026.
Tesla did not respond to emails seeking comment on investment plans in India.
Musk did say on Twitter last year that his company plans to enter India in 2021. Tesla India has appointed Vaibhav Taneja, Venkatrangam Sreeram and David Jon Feinstein as three directors of its subsidiary in India.
