Tesla plans to double its component imports from India. According to a post on social media platform X on Tuesday, Indian Trade Minister Piyush Goyal announced that Tesla Inc. (TSLA.O), a producer of electric cars in the United States, intends to quadruple the number of components it imports from India.
“I am happy to witness the increasing significance of Indian auto component suppliers in the Tesla EV supply chain. After touring Tesla’s Fremont, California, production site, Goyal said on X, then known as Twitter, “It is on its way to double its component imports from India.”
However, Goyal noted that he could not meet Tesla CEO Elon Musk during his visit to the facility. After purchasing $1 billion in components from India last year, he stated in September that Tesla planned to source parts worth between $1.7 billion and $1.9 billion from the country this year.
According to Reuters last week, the minister’s travel to the United States was expected to involve talks with Musk over Tesla’s intentions to open an Indian plant, produce a $24,000 car there, source additional components, and build up the country’s charging infrastructure.
In summary, Tesla’s move to increase its component imports into India is a calculated risk that might drastically alter the Indian car industry. The firm portrays itself as a leading force in India’s sustainable transportation revolution as it speeds up the adoption of electric vehicles, streamlines its supply chain, and navigates regulatory hurdles.
This action not only demonstrates Tesla’s dedication to the Indian market but also paves the way for a meaningful development in the nation’s automotive history.
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