Traders Earn More From Benzinga’s Exclusive News and Squawks
Traders Earn More From Benzinga’s Exclusive News and Squawks
American EV giant Tesla Inc TSLA reportedly sent a team to India in late April to identify conceivable locations for an EV factory proposal.
What happened: Targeted Indian states include those where car production exists, such as Maharashtra, Gujarat and Tamil Nadu, the Financial Times reported, citing two other anonymous people familiar with the matter.
Haryana is also because it has automaker factories and is close to the country’s national capital, New Delhi, one of the sources told the publication. However, the second source noted that the other 3 states have ports that allow them to sail smoothly. Export cars.
Tesla will first invest $2 billion to $3 billion in the factory, a source added.
Why it matters: The move comes on the heels of India’s curtailment of more electric cars by automakers pledging to make them domestically within three years.
Tesla is also recently building a factory in Mexico that will serve as the long-term headquarters for Tesla’s least expensive next-generation vehicle, which is expected to cost $25,000. However, production is not expected to begin at the plant until 2026.
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Read more: GM’s overall EV sales in the first quarter can’t even match Tesla’s high-end deliveries
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