The latest news suggests that a senior delegation from Tesla recently met with officials from India’s Union Commerce Ministry in New Delhi, to explore potential opportunities within India’s developing electric vehicle (EV) market.
Tesla has been trying to enter the Indian market for over two years but has faced opposition from domestic automakers. Initially, Tesla had negotiated reduced import duties, however Indian automakers rejected such concessions, suggesting that Tesla instead assemble cars within India. The company now plans to establish numerous Gigafactories worldwide and diversify its dependency on China for production and sales.
To achieve its ambitious aim of ramping up production to 20 million electric cars annually by 2030, Tesla is renewing its interest in the India market. The company is also working on launching a more affordable EV aimed at the markets in Asia and Latin America.
While India currently has a relatively small luxury car market and low EV sales, market analysts believe this could change rapidly over the next few years, providing a significant opening for Tesla.