Tesla Set to Explore India For Next Multi-Billion Dollar Factory

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Tesla is eyeing India as a potential site for its next electric vehicle factory, with an investment estimate ranging from $2 billion to $3 billion

If Tesla has demand worries as a result of its poor Q1 2024 delivery numbers, it sure isn't showing it. Instead the company is reported to be looking to expand even further geographically, with FT reporting this week that . The company is set to explore locations in states like Maharashtra, Gujarat, and Tamil Nadu, known for their existing automotive infrastructure. This move aligns with Prime Minister Narendra Modi's push to strengthen domestic manufacturing, according to CNBC and FT.

India's push to boost domestic production aligns with its 2021 approval of a production-linked incentive scheme for automobiles and auto components, backed by a budget of $3.1 billion over five years. This scheme, extended by a year starting January 1, aims to enhance domestic manufacturing capabilities and reduce reliance on imports.

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