Despite Tesla’s growing rift with the Chinese government, coupled with rising concerns regarding its gigafactory construction in Germany, it appears that Elon Musk has decided to take his concoction of suspension problems and flying roofs to India.
According to Reuters, Tesla has revealed it plans to make an entrance into India’s EV market, and launch its Model 3 cars for a price of US$74,750 as early as 2021. Although Tesla currently does not have any facilities in the country, the automaker is planning to begin taking sales bookings come January. Indeed, there is certainly room for a robust response from consumers, many of whom have already been diving into the absurd world of Elon Musk by loading up on Tesla shares and placing bets on US stocks.
Depending on the outcome of sales levels, Tesla says it would construct a manufacturing and assembly plant in the country. However, India is also a country that has not been very adamant on a swift EV adoption compared to its sizeable counterparts. The country’s deficient infrastructure in comparison to adjacent China has kept new EV investments at a minimum. However, the country is making headway in implementing electric public transportation, which according to the International Energy Agency, has been significantly increasing over the past five years.
Information for this briefing was found via Reuters and the IEA. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.