Elon Musk likely to announce $2-$3 bn investment plan during India visit: Report
PTC News Desk: Tesla CEO Elon Musk will likely announce a $2-3 billion investment in India, primarily for the building of a new factory, when he visits New Delhi next week to meet Prime Minister Narendra Modi, according to two sources familiar with the discussions.
Elon Musk will meet with Prime Minister Narendra Modi on Monday during his India trip, where the billionaire is expected to reveal his plans to enter the world's third-largest auto market, where electric car adoption is still in its early stages.
India's EV market is small but growing, with Tata Motors leading the way. EVs made up only 2% of total car sales in 2023, but the government is targeting 30% of new cars to be EVs by 2030.
Elon Musk's visit comes as Tesla battles slowing sales in its major markets of the United States and China, and the company recently announced layoffs affecting 10% of its workforce.
- With inputs from agencies
