Electric car manufacturing giant Tesla may start the import of its EVs next year and may also set up two factories in the next two years as its deal with India to sell cars inches cars, according to Bloomberg.
According to people familiar with the development, the announcement regarding the India-Tesla deal may come during the Vibrant Gujarat Summit in January.
States including Maharashtra, Gujarat, and Tamil Nadu are under consideration for Tesla factories due to existing infrastructure related to the automobile industry.
Tesla may begin with $2 billion initial investment in any of the plants in India and will also involved with Indian manufacturers for spare parts, making batteries in a bid for cost-effective solutions.
However, no final decision has been made regarding the deal and things may change.
Last week, Union Minister Piyush Goyal, who visited Tesla plant at Fremont, California and said that the company would be doubling its auto components imports from India.
The world's largest electric car producer Tesla Inc's chief Elon Musk met Prime Minister Narendra Modi in June in New York and after the meeting Musk had said that he planned to visit India in 2024.
"Visited @Tesla's state of the art manufacturing facility at Fremont, California. Extremely delighted to see talented Indian engineers and finance professionals working at Senior positions and contributing to Tesla's remarkable journey to transform mobility," the Union Minister said.
"Also proud to see the growing importance of auto component suppliers from India in the Tesla EV supply chain. It is on its way to double its components imports from India.
Missed Mr @ElonMusk's magnetic presence and I wish him a speedy recovery," Goyal said on social networking platform X.
The platform is also owned by Musk.
With inputs from PTI
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