Elon Musk of Tesla Eyes Significant India Investments After Meeting Modi

Elon Musk, the CEO of Tesla, claimed that India’s Prime Minister Narendra Modi was compelling the automaker to make a “significant investment” in the nation and that an announcement regarding this was likely to come.

While Modi was on a state visit to the US on Tuesday, he met with him before making his remarks. Previously, a source informed Reuters that Musk would inform Modi of his intentions to establish a manufacturing base in India.

Musk said that he also aims to introduce SpaceX’s Starlink satellite internet service to India as well, noting that the country has significant potential for a sustainable energy future that includes solar power, stationary battery packs, and electric vehicles. Elon Musk told reporters after the meeting:

“He [Modi] really cares about India because he’s pushing us to make significant investments in India, which is something we intend to do. I am confident that Tesla will be in India and will do so as soon as humanly possible.”

Later, a representative for India’s foreign ministry tweeted that Modi had asked Musk to “explore opportunities in India for investments in electric mobility and rapidly expanding commercial space sector.”

Talking business and technology!
PM @narendramodi met with renowned business magnate and investor @elonmusk.
Appreciated him for his efforts at making technology accessible and affordable in various sectors. Invited him to explore opportunities in India for investments in… pic.twitter.com/TWWfyD2wS6
— Arindam Bagchi (@MEAIndia) June 21, 2023

According to a source familiar with the matter, India is now looking to enable some US companies to initially cooperate with Indian firms for investments in its space sector. India made it possible for private launches in 2020 and hopes that within the following 10 years, its private space enterprises will have a five-fold increase in market share.

Last month, Tesla executives visited India and discussed the establishment of a car and battery production facility there with Indian ministers and bureaucrats. Musk also stated last month that Tesla would likely choose a location for a new factory before the end of this year and that India would make an intriguing option.