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Ahead of India visit, Tesla signs chip deal with Tata Electronics

15 Apr 2024 , 01:48 PM

According to The Economic Times, US EV manufacturer Tesla has reached a strategic agreement with Tata Electronics to purchase semiconductor chips for its global operations. According to the article, the agreement was carried out in private and demonstrates Tesla's aim in developing a supply chain in India that extends beyond the production of local income.

This is happening against the backdrop of Elon Musk, the CEO of the electric vehicle manufacturer, reportedly visiting India to meet with Prime Minister Narendra Modi and make an announcement regarding possible investments there.

On April 10, Musk had written on X, "Looking forward to meeting with Prime Minister Narendra Modi in India!"

The Center launched a new electric vehicle (EV) policy in March that reduces import duties on some models from 100% to 15% provided a company spends at least $500 million and establishes a facility in India.

Tesla's entry into the nation coincides with the EV manufacturer's experience of declining demand in its two main markets, China and the US. The business revealed a decline in first-quarter deliveries that fell short of analyst projections.

Tesla reportedly stepped up its efforts to gain market share in India and was actively seeking a suitable location for the construction of a state-of-the-art manufacturing facility.

The companies has received significant land offers from the state governments of Maharashtra and Gujarat for the establishment of an electric vehicle manufacturing unit.

According to a Reuters story, Tesla representatives are anticipated to travel to India later in April to explore potential locations for a manufacturing factory that would need to be funded by an approximate $2 billion investment.

For feedback and suggestions, write to us at editorial@iifl.com

 

Related Tags

  • Tata Electronics
  • Tesla
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