ALBAWABA - Elon Musk, CEO of Tesla, said that he received an invitation from the Prime Minister of India, Narendra Modi, to make "significant investments" in the country. He added that he expects to announce such a move soon.
Musk's statements came after his meeting with the Indian Prime Minister on Tuesday during his visit to the United States.
Musk also stated that India has strong potential for the future of sustainable energy, including solar energy, stationary battery packs, and electric vehicles. He expressed his hope to introduce internet service through SpaceX's satellite constellation, Starlink, in India as well.
Speaking to reporters after the meeting, Musk said, "I am confident that Tesla will have a presence in India... and we will do so soon." Later, a spokesperson for the Indian Ministry of External Affairs tweeted that Modi invited Musk "to explore investment opportunities in India in the electric mobility and fast-growing commercial space sector."
According to a source familiar with the matter, India is currently looking to allow some American companies to invest in its space sector in collaboration with Indian companies initially.
India opened up private space launches in 2020 and aims to increase its share in the global launch market fivefold over the next decade through collaboration with private space companies.
Several executives from Tesla visited India last month and held discussions with ministers in New Delhi regarding the establishment of a manufacturing base for cars and batteries in India. Musk had stated last month that Tesla will likely choose a location for a new factory by the end of this year, considering India an interesting place for building a new plant.
This comes at a time when American companies are seeking to reduce their reliance on China as a manufacturing base amid ongoing tensions between Washington and Beijing.
Apple recently made investments in India after facing numerous challenges in its Chinese factory during the COVID-19 pandemic.
Tesla had suspended its plans to enter India last year due to high import taxes.
