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September 14, 2023

According to Goyal, Tesla may source $1.9 billion worth of parts this year, almost twice as much as in ’22

According to Goyal, Tesla may source $1.9 billion worth of parts this year, almost twice as much as in ’22

American electric vehicle company Tesla has started sourcing a lot of its components from India even before it launches its electric car line in the country. This year, parts worth S1.7-1.9 billion are anticipated to be shipped from India.

While the corporation is finalizing its launch plans for the market, Piyush Goyal, the minister of commerce and industry, claimed that the company is already sourcing heavily from India, demonstrating the reliability of the manufacturing processes and the caliber of production.

The minister stated, “Tesla purchased $1 billion worth of components from India last year… this year, their objective is $1.7-1.9 billion. I am confident that this (EVs) The carmaker is the future. It is something we must make an effort to draw.

He stated, “This government has been in power for nine years, and everything we have done has been done equally — without any differentiation, without any preferences.” In response to the question of whether Tesla will receive preferential treatment in the form of a lower import duty on automobiles for the early time of its company.

After abandoning the initiative last year, the automaker had recently resumed its intentions to produce and introduce automobiles in India. According to sources, Tesla began talks with the government in July over an investment plan to build a massive auto factory in India with a production capacity of up to 5 lakh vehicles annually. This facility would produce electric cars with costs that might start at “as low as” Rs 20 lakh.

In addition, the corporation, which already does substantial business (including factories) in China, is considering using India as an export hub in order to sell cars to nations in the Indo-Pacific area. According to a government source, Tesla has approached the government with an aggressive and ambitious strategy that is centered on domestic manufacturing and investment.

Goyal responded that foreign businesses are drawn to India because of its appeal when asked about their plans to invest there as part of the China-plus-one strategy. I completely refute the China-plus-one theory. The India of today stands on its own two feet, thus that is not what will propel it. Offerings are available for commerce and investment from the rest of the world.

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