Elon Musk's Tesla To Launch Affordable Car 'Model 2' In India In 2024, Check Details Here
Elon Musk's Tesla 'Model 2':?Tesla, the renowned American electric car giant, has set its sights on the Indian automotive landscape. This endeavour received a significant boost with the recent nod from the Indian government, endorsing a fresh EV policy. This policy, designed to promote electric vehicle adoption, includes a provision allowing the import of 8,000 EVs annually at a reduced 15% import duty.
The Gateway Opens
The green signal comes with a prerequisite: Tesla must invest a minimum of Rs. 4,150 crore to establish a new EV manufacturing facility in India, with at least 25% of the components being sourced locally. According to several reports, with production already underway for India-specific right-hand drive models at Tesla's Germany plant, the much-awaited launch in India is anticipated before the year's end.
The Mystery Unfolds: What Model Will Tesla Bring?
While the exact model set to grace Indian roads remains undisclosed, it's worth noting that Tesla's Germany facility manufactures the Model Y. The initial fleet of Tesla vehicles bound for India will take advantage of the new EV policy, allowing for imports with reduced import duties.
Quest for the Perfect Location
A specialised team from Tesla is slated to touch down in India by April, embarking on a mission to scout locations for their proposed $3 billion manufacturing plant. Maharashtra, Gujarat, and Tamil Nadu, already housing automotive manufacturing hubs, are prime candidates. Additionally, regions around the national capital, Delhi, particularly the NCR, are under consideration.
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Model 2: Affordable and Ambitious
In a bid to cater to the Indian market's diverse needs, Tesla plans to roll out its much-anticipated affordable model, aptly named 'Model 2'. This compact electric vehicle is set to be produced at Tesla's forthcoming manufacturing plant in India, targeting local sales and exports to regions like Southeast Asia, the Gulf, Africa, and parts of Europe. Reportedly, priced below $30,000, the Model 2 aims to make electric mobility accessible to a wider audience.
Capacity and Beyond
With a projected maximum production capacity of 500,000 units annually, Tesla's India-based manufacturing facility is poised to be a game-changer. Speculations abound regarding the establishment of a dedicated battery plant in the future, further solidifying Tesla's commitment to sustainable mobility.
The Rivalry Intensifies
In the fiercely competitive landscape of electric vehicles, Tesla finds itself face to face with contenders like BYD, the Chinese EV manufacturer. BYD's presence in India, marked by models such as the Atto3 and the recently launched Seal EV, promises to add a new dimension to the EV market dynamics.
India's Untapped Auto Market Potential
India boasts a massive $151 billion auto market, ranking third globally. However, the adoption of EVs is still in its early stages, with EVs accounting for less than 1% of total vehicle sales. Yet, there's immense growth potential, with projections suggesting EV sales could reach up to 35% of total vehicle sales by 2030.
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