Elon Musk could be cooking up a massive surprise for India. Sources report the Tesla CEO is rumored to visit the country later this month for high-stakes talks with Prime Minister Narendra Modi. The hot speculation? Musk may finally pull the trigger on a long-awaited announcement to build a massive new Tesla factory in India.
“India should have electric cars like every other country,” Musk proclaimed on X just this week, adding it’s “a natural progression” to bring Tesla’s EVs to the India market. Those comments, coupled with the rumored meeting with Modi, are fueling hopes Tesla could finally end years of will-they-won’t-they over a manufacturing investment.
Reuters was first to get the scoop on Musk’s potential India itinerary, though cautioned his agenda could still shift. Regardless, the timing seems fortuitous – would arrive just as India kicks off a two-month national election cycle on April 19th that Modi is widely expected to win.
Any headline-grabbing Tesla investment news would surely bolster Modi’s pro-business bona fides as he seeks a third term.
Of course, Tesla has plenty of motivation to finally pull the trigger on India expansion. Tesla’s sales are sputtering in its key U.S. and Chinese markets amid rising competition from rival EVs. Its latest delivery numbers badly missed estimates (Tesla Q1 2024).
An audacious Indian factory investment could be just what Tesla needs to open a major new growth frontier. Sure, questions remain over cost, scale, and timing. Perhaps ruling the Indian auto market is his next outrageous ambition?