Musk "Wants to Enter India as Soon as Possible"... Actively Expresses Intention to Invest in India

Elon Musk, CEO of Tesla, stated immediately after a meeting with Prime Minister Narendra Modi that "we are considering entering the Indian market as soon as possible."

According to major foreign media on the 20th (local time), Musk said in a meeting with reporters right after a private meeting with Prime Minister Modi, "I am confident that Tesla will be in India and will do so as soon as possible," adding, "Although it is premature to say, there will be significant investments related to India in the future."

Elon Musk, CEO of Tesla
[Photo by Yonhap News]

On the same day, Musk reportedly briefed Prime Minister Modi directly on plans to establish a factory in India. This is the first time Tesla has contacted high-level officials to expand its production base in India.

Musk evaluated that the potential of the Indian market is great not only in electric vehicles but also in sustainable energy industries such as solar power generation and battery packs.

Additionally, he revealed that he is also considering providing the satellite internet service "Starlink" from SpaceX, the private space development company he leads, to India. SpaceX established a local subsidiary in India in 2021 to enter the market, but withdrew after the Indian Ministry of Communications requested restraint in service provision.

Tesla has also been seeking to enter the Indian market for several years but has not been able to narrow differences with the Indian government over high tariffs. However, recently both sides have resumed negotiations. Currently, Tesla is looking for a base to build a second gigafactory in the Asia region. Tesla’s plan to establish a new electric vehicle factory is expected to be finalized by the end of the year.

Musk said, "I express my gratitude for Prime Minister Modi’s support and hope to announce something in the near future."

Meanwhile, during this visit to the U.S., Prime Minister Modi is scheduled to meet with heads of major companies such as Apple, Google, and Microsoft. On the 22nd, he will hold a summit with U.S. President Joe Biden and attend a state dinner. Sundar Pichai, CEO of Google, and Tim Cook, CEO of Apple, are expected to join the event.