Tesla (TSLA) to Set Up a New Factory in India
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Tesla (NASDAQ: TSLA) is reportedly preparing to construct a new manufacturing site in southern India, according to a government document.
“The U.S. firm Tesla will be opening an electric car manufacturing unit in Karnataka,” the state government said in a statement.
This move doesn’t come as a surprise as Elon Musk’s incorporated Tesla Motors India and Energy Private Limited with the registered office in the city of Bengaluru in Karnataka. Musk also confirmed that Tesla CEO confirmed last year that his company is looking to launch in India in 2021.
B.S. Yediyurappa, the State Chief Minister, tweeted that the EV giant plans to open an R&D center in Bengaluru. He later deleted the tweet.
Reuters reported last year that India plans to support companies with $4.6 billion in incentives for setting up advanced battery production facilities.
“Currently, the battery energy storage industry is at a very nascent stage in India with investors being a little apprehensive to invest in a sunrise industry,” it is said in a proposal drafted by a federal think tank chaired by Prime Minister Narendra Modi.
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