A government official has confirmed that Elon Musk, the visionary leader of Tesla, will not be revealing his intentions to invest or enter India during the Vibrant Gujarat Global Summit.
According to Rahul Gupta, Managing Director of the Gujarat Industrial Development Corporation, it is the prerogative of any company to decide where to invest.
Gupta highlighted Gujarat’s position as the most sought-after investment destination for the electric vehicle industry in response to questions about expectations that Musk might reveal plans to establish a Tesla manufacturing facility for cars in the state during the investor summit.
When Prime Minister Narendra Modi visited the US in mid-June 2023, conversations sparked between him and the Foreign Secretary Vinay Kwatra about opening a manufacturing facility in India. Since then, Tesla and India have been negotiating a possibleUS$ 2 billion investment for the establishment of an electric vehicle factory in India.
For the first two years at least, the company has asked for concessional import duties on cars, ranging from 15-20 per cent.
import duties
