On Friday, CEO Elon Musk of electric car manufacturer Tesla Inc hinted at the company’s entry into India in 2021.
Next year for sure, “he said on Twitter, addressing a query as to whether there was any progress with regard to the India plans of the company.”
“Thanks for waiting!” on the same thread, he said to another Twitter user.
The entry into India by the American automaker could come near on the heels of the market exit of compatriots Harley Davidson and General Motors. After selling its manufacturing plant and other properties to a joint venture company it formed with Mahindra and Mahindra, Ford also abandoned independent operations in the region.
This was not the first time, however, that the head of the world’s most valuable car maker talked with little on-ground progress about its entry into India.
“In July, when Elon Musk was asked by an Indian Twitter user who had booked a Tesla Model 3 over four years ago when the company was supposed to be in India, the latter replied,” Sorry, hopefully soon!
Before that, he said in March 2019: “This year (India) would love to be there. If not, certainly next!” He told IIT Madras students in July that year that Tesla would be in India within a year.
In the past, Musk blamed India’s tax regulations and tariffs for delaying the foray of Tesla into the country.
I would love to be in India. Sadly, some daunting government regulations, “he said in March 2018 on Twitter.” “Our CFO, Deepak Ahuja, is from India. As soon as he feels that we can, Tesla will be there.”
Ahuja has left the company since.
According to its China website, the US electric car manufacturer recently cut the starting price of its Chinese-made Model 3 sedans by about 8 percent to 249,900 yuan ($36,805), once Chinese electric vehicle subsidies are taken into account.
Previously, after state purchase subsidies, the starting price for Model 3 sedans produced at Tesla’s Shanghai factory with a standard driving range was 271,550 yuan.
In December, Tesla began supplying cars from the Shanghai plant, helping it save on shipping costs and tariffs for imported models.
In China , the world ‘s largest car market, Tesla sold more than 11,000 cars, mainly Model 3s, in August.
It is also developing new car manufacturing capabilities in Shanghai for Model Y sports-utility vehicles and plans to start producing them next year.
This year, Tesla shares grew as much as 495 percent. The rally increased its market cap to almost $400 billion , making it one of the largest U.S. exchange-listed firms. Its stock market supremacy has helped to power the tech-heavy Nasdaq 100 almost 30 percent higher year-to-date, besting the 4 percent rise of the S&P 500 in 2020.