{"id":84386,"date":"2023-11-14T10:19:56","date_gmt":"2023-11-14T15:19:56","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/tesla-to-double-imports-of-parts-from-this-country-says-commerce-minister\/"},"modified":"2023-11-14T10:19:57","modified_gmt":"2023-11-14T15:19:57","slug":"tesla-to-double-imports-of-parts-from-this-country-says-commerce-minister","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=84386","title":{"rendered":"Tesla to Double Imports of Parts From This Country, Says Commerce Minister"},"content":{"rendered":"
\n
<\/p>\n

<\/p>\n

<\/p>\n<\/figure><\/div>\n

\n Tesla\u2019s<\/span>
\n reliance on China\u2014where the electric-vehicle maker has a factory and leans on a growing market of wealthy consumers\u2014is well known. But Elon Musk\u2019s next big bet could be another Asian economic powerhouse: India.<\/p>\n

\n Tesla
\n (ticker: TSLA) is on its way to doubling its components imports from India, the country\u2019s commerce minister, Piyush Goyal, said on social-media platform X<\/a> following his visit to the company\u2019s factory in Fremont, California this week.<\/p>\n

\n

India\u2014the world\u2019s fifth-largest economy and most populous country\u2014has been floated as the home of Tesla\u2019s next factory. CEO Elon Musk said in May that the company would pick its next location by the end of this year, and said in June following a meeting with Indian Prime Minister Narendra Modi that he hoped the group would move into the country soon.\u00a0<\/p>\n

While the penetration of new electric-vehicles is lower in India than the U.S., and though many Indian consumers tend to buy more two- and three-wheelers, the country is one of the biggest fast-growing economies and could be a lucrative bet.<\/p>\n

Tesla has been in talks with the Indian government over incentives and could build a plant to make and sell batteries in the country, Reuters reported in September, citing anonymous sources. <\/p>\n

That narrative has been advanced this week. India is considering Tesla\u2019s request to lower high tariffs for imported EVs\u2014a duty of 70% for cars worth less than $40,000 and 100% for cars worth more than that\u2014the Financial Times reported on Monday, citing government officials. Tesla\u2019s request for this concession was a precondition for building a plant in the country, the report said.<\/p>\n

Write to Jack Denton at jack.denton@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n