Tesla rumored to produce affordable electric cars in India, 25% cheaper than Model 3
According to people familiar with the matter, Tesla is still interested in building a factory in India. In July, it sent representatives to meet and discuss with the Minister of Commerce of India to produce and export low-cost electric vehicles worth 24,000 US dollars for the local market. None responded.
Reuters reported that Tesla CEO Musk met with Indian Prime Minister Narendra Modi in June and said that he would make major investments in India. It is reported that Tesla plans to set up a factory in India to produce electric vehicles for only US$24,000, which is 25% cheaper than Tesla’s lowest price Model 3, and even lower than the price in the Chinese market.
Two people familiar with the matter disclosed to Reuters that they visited New Delhi in July to discuss details with Indian government officials. One of them said that Tesla representatives met with Indian Commerce Minister Piyush Goyal, and are expected to discuss the establishment of a local electric vehicle supply chain and factory land allocation. Reuters reported in May that Tesla executives visited India and met with Indian officials to set up factories and battery factories in India.
