๐ Elon Musk's Visit to India Confirmed! ๐ฎ๐ณ
๐ Elon Musk, via his platform ๐ (formerly Twitter), revealed his upcoming visit to India for a meeting with Prime Minister Narendra Modi. No specific date has been provided yet.
๐ผ The Tesla CEO is anticipated to unveil significant investment plans in the country in the near future.
๐ฃ๏ธ Last month, India reduced import taxes on electric vehicles (EVs) for global automakers committing to investing $500 million and commencing local production within three years.
๐ In 2021, Musk cited India's high import duties as a barrier to launching Tesla cars in the country, hindering entry into the world's fastest-growing major economy.
๐ฐ Despite price cuts by Tesla to counter heightened competition, demand in vital markets like China has waned, resulting in nearly a third drop in Tesla's shares since the year's commencement.
๐ India surpassed the UK in 2022 to become the world's fifth-largest economy, with a robust 8.4% growth in the December quarter, fueled by a thriving manufacturing sector.