Tesla Inc., the Palo Alto, California-headquartered world’s largest carmaker by market valuation would make its entrance into the world’s fifth-largest economy as early as by the first quarter of 2021, India’s Transport Minister Nitin Gadkari said in an interview with a national daily newspaper Indian Express, published on Monday.
In point of fact, latest remarks from Gadkari came forth a day after the Tesla Inc. Chief Executive, Elon Musk, the world’s second-richest man to date having had assets worth of $147 billion to-date, had confirmed in a tweet that the e-vehicle industry giant would kickstart its operations in India in the first quarter of 2021, but it would highly unlikely to happen in January.
On top of that, India’s national daily newspaper Indian Express had also quoted Gadkari as saying that the e-vehicle manufacturer would begin its operation with sales and would look to establish an assembling line alongside manufacturing facilities based on consumers’ responses.
Tesla Inc.’s India foray set to begin in early-2021
In tandem, latest move from Tesla Inc. to set up a stronghold in one of the world’s largest car markers came against the backdrop of an invitation from the Government of Maharastra, which had invited Tesla Inc.
to invest into the state on October this year, weeks after Musk had unveiled his plan to enter into the country by 2021. Concomitantly, an Economic Times report published earlier on Saturday had said that the Californian multinational e-vehicle megalith would rollout Model 3 at the beginning, the cheapest variant among Tesla vehicles with a starting price of $74,739 or 55,00,000 Indian Rupees.
Meanwhile, followed by the announcement, shares’ prices of Tesla Inc. rose as much as 2 per cent in pre-market trading, however had been plunged 1.59 per cent to $663.69 apiece in the after-market trading. If truth is to be told, India’s effort to cut pollution by promoting electric vehicles had been met with steep hindrances in context of a caustic lack of investment in the sector so far.