Piyush Goyal To Meet Tesla's Elon Musk In US Amid India Market Entry Talks: Report
The meeting between Goyal and Musk will be the most high-profile one since the Tesla CEO met Prime Minister Narendra Modi in June and later said he was keen to make significant investments in India
Union commerce minister Piyush Goyal will meet Tesla Chief Elon Musk in the US next week as the two sides look to advance the electric automaker plan to enter the Indian market, citing sources privy to the development news agency Reuters said. According to the report, the meeting between the two will be the most high-profile one since the Tesla CEO met Prime Minister Narendra Modi in June and later said he was keen to make significant investments in India.
Sources said that talks between the Musk and Goyal will centre around Tesla's plans to set up a factory in India, manufacturing a $24,000 car, sourcing more components and establishing charging infrastructure across the nation, one of the two sources told Reuters. A discussion is also likely on a new policy India is working on which will allow automakers to import fully built EVs into India at a reduced tax rate of 15 per cent, down from as much as 100 per cent now, if they commit to some local manufacturing. This meeting is to ensure that talks between India and Tesla "are moving in the right direction," the person added.
Union commerce ministry and Tesla did not respond to Reuters' requests for comment. Tesla and India have been in talks for several months with the US carmaker open to setting up a factory but also keen to get lower import taxes for some of its high-end vehicles.
Prime Minister Modi's office held a meeting with various ministries on Monday to expedite the new EV policy, said a third source. The third person added the government is also analysing the impact the new policy could have on the Indian EV market, as local carmakers have often said lower EV import taxes could disrupt the market and hurt their plans.
Tesla first tried to enter India in 2021, pushing officials to lower the 100 per cent import tax for EVs, but last year the talks collapsed when officials conveyed the company would have to first commit to local manufacturing.
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