In a recent development, Elon Musk, the world’s richest man and CEO of Tesla, has extended an apology to India’s Commerce Minister, Piyush Goyal, for being unable to meet him during a visit to Tesla’s factory in , California. Musk expressed his appreciation for Goyal’s visit to the Fremont plant and conveyed optimism about the possibility of a future meeting.
In a response to Goyal’s post on a social media platform, Musk wrote, “It was an honor to have you visit Tesla! My apologies for not being able to travel to California today, but I look forward to meeting at a future date.” This exchange underscores the significance of Goyal’s visit and Musk’s recognition of India’s role in Tesla’s operations.
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Goyal, in turn, commended India’s contribution to Tesla’s transformative journey in the realm of mobility. He highlighted the crucial roles played by Indian engineers and finance professionals occupying senior positions within the company. Additionally, Goyal reiterated his earlier statements, emphasizing that Tesla is on track to double its component imports from India.
The Union Minister’s visit to the United States is part of a four-day itinerary, commencing on November 13. The visit encompasses participation in the Indo-Pacific Economic Framework (IPEF) Ministerial Meeting and the Asia-Pacific Economic Cooperation (APEC) Summit.
Notably, speculation surrounds the possibility of Tesla establishing an electric vehicle (EV) manufacturing facility in India. The visit by Goyal coincides with ongoing discussions about potential tax concessions for Tesla by the Indian government. Reports suggest that the government is contemplating a reduction in the duty on electric vehicles to 15% universally. However, the policy is yet to receive official approval within the government.
According to the Financial Times– Tesla has made a request for an initial concession on customs duty applicable to imported cars in India. Presently, completely built-up (CBU) vehicles priced below $40,000 face a 70% import duty, while those priced above $40,000 incur a 100% import duty.
As the electric vehicle market gains traction globally, the potential establishment of a Tesla manufacturing facility in India could be a significant development. The visit by Piyush Goyal serves as a platform for discussions on potential collaborations, policy changes, and the role of India in Tesla’s future endeavors.
Moreover, Elon Musk’s apology reflects the importance of diplomatic relations between Tesla and India, with discussions extending beyond mere pleasantries to encompass potential business collaborations and policy adjustments that could shape the future of electric vehicles in the Indian market.
