"If true, this is Tesla’s loss, not India’s. While the Indian EV and Lithium ecosystem is early, we’re gaining momentum quickly. It’ll be too late for Tesla when they look at India seriously again in a few years," said the Ola CEO in a post on X.
The government has not heard from Tesla since the election results, on its plans to participate in the recently launched Scheme to Promote the Manufacturing of Electric Passenger Cars in India, said Department for Promotion of Industry and Internal Trade (DPIIT) secretary Rajesh Kumar Singh.
Tesla not interested in India anymore:
“The tweet after election is the last we have heard from Tesla,” the government official said.
Tesla chief Elon Musk cancelled his much-hyped visit to India in April. Musk, who was scheduled to visit India April 21-22, postponed his visit at the last moment citing “very heavy Tesla obligations.” He had been scheduled to meet Prime Minister Narendra Modi during the visit. Musk went on a surprise visit to China a week later.
“The process of finalising the guidelines is on by the heavy industry ministry. They have more than any one inquiry. It was meant to be a generic policy,” Singh said.
On March 15, the government approved an EV policy under which duty concessions will be given to companies setting up manufacturing units in the country with a minimum investment of USD 500 million. Under this, a company will get three years to set up manufacturing facilities and start commercial production of EVs, reaching 50% domestic value addition (DVA) within five years at the most.
He had originally announced his visit just weeks after India lowered the import taxes on EVs from foreign carmakers that pledge to invest at least INR 4,150 crore (USD 497 million) and start EV production from a local factory within three years.
India’s EV market is in its infancy, with battery-powered cars accounting for just 1.3% of the total last year, according to BloombergNEF. Many buyers are hesitant to make the switch due to electric cars’ high upfront cost and a dearth of charging stations.
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