Tesla
is set to pick another factory location by the end of this year, according to CEO Elon Musk. India looks to be one of the most likely options, potentially marking a milestone moment in the country’s role in diversifying supply chains away from China.
Musk said India was an interesting option but didn’t commit to any location while speaking in an interview at The Wall Street Journal’s CEO Council Summit on Tuesday.
Tesla
(ticker: TSLA), the electric-vehicle maker, currently operates factories in the U.S., Germany and China, and already has confirmed plans for a fifth car-assembly site in Mexico.
India has been a popular choice for big technology companies looking to add manufacturing sites outside of China.
Apple
(AAPL) is ramping up production of its devices in India.
Officials in India have held talks with Tesla in recent weeks over manufacturing incentives despite disagreements over the country’s import taxes on cars, according to Reuters.
Other countries that have been previously mentioned as candidates for a new Tesla site include Indonesia and South Korea.
Tesla shares were down 0.8% in premarket trading on Wednesday. The stock fell 1.6% on Tuesday, putting to an end a five-session winning streak.
Write to Adam Clark at [email protected]
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