Tesla EV Factory In Gujarat Could Change India Market, Musk Expected To Announce It In Jan Summit

Tesla could most likely have Gujarat as its plant location for its EVs. A formal announcement could be made with Elon Musk expected at the Vibrant Gujarat Global Summit in January 2024.

Currently, EVs have a 2.4 per cent share of the Indian market but that has increased this year owing to new launches and increased interest levels amongst buyers. However, Tesla's India entry will be the catalyst in pushing the Indian EV ecosystem and the segment even more. Tesla could most likely have Gujarat as its plant location and within a few years it could be making electric cars in India with heavy localisation to bring the price down.

However, for the start, Tesla would be bringing its cars via the CBU (Complete Built-Up) route while also setting up its plant with an investment commitment of USD 2 billion being on the cards. At the upcoming Vibrant Gujarat Global Summit in January 2024, a formal announcement could be made as well with Elon Musk also being expected to be here. While officially we are yet to hear anything from Tesla, this move would be a boost for the EV segment and also the ecosystem if Tesla also produces the battery packs locally. If this happens, then one of the biggest names finally enters India while also fulfilling its promise of entering one of the biggest markets.

Tesla is also keen to enter India and secure a foothold within the EV space along with fostering the electric passenger car segment. For starters though we expect cars like the Model 3 and Y to come via the CBU route although with manufacturing commitment, the import tax could be lowered as well. The recently refreshed Model 3 could be coming to India as the mainstay of the range before a localised cheaper Model 2 is made in India as well in the coming years. 

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