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India is nearing the finalization of an agreement with Tesla, an Elon Musk-owned automaker company. This deal, as reported by Bloomberg, would authorize the importation of Tesla’s electric vehicles into India in the coming year and lay the groundwork for establishing a manufacturing facility within the next two years. The formal announcement of this development is anticipated to take place at the Vibrant Gujarat Global Summit in January, according to sources. Potential locations for this venture include the states of Gujarat, Maharashtra, and Tamil Nadu, given their well-established infrastructure.

As per the report, Tesla is contemplating an initial investment of approximately $2 billion for the establishment of a new plant in India. Additionally, the company aims to procure auto parts from India, with an estimated value of up to $15 billion. To mitigate costs, Tesla is exploring the possibility of manufacturing some of its batteries within India.

#India is closing in on an agreement with #Tesla that would allow the US automaker to ship its #ElectricCars to the country from next year and set up a factory within two years, according to people familiar with the #Indian govt’s thinking

— Economic Times (@EconomicTimes) November 21, 2023

It’s crucial to note that these plans are subject to change and are not finalized. Elon Musk, the CEO of Tesla, previously mentioned in June the company’s intent to make a significant investment in India, with a planned visit scheduled for 2024. However, no official statements have been released thus far.

🚨 India nears agreement with Tesla worth $2 billion investment for EV imports and new plant. (CNBC)

— Indian Tech & Infra (@IndianTechGuide) November 21, 2023

Recent developments include Union Minister Piyush Goyal’s visit to the Tesla factory in Fremont. During the visit, Goyal was slated to meet Elon Musk, but the meeting was postponed due to Musk’s health. However, Musk assured the minister of a future meeting. Goyal engaged with top leadership at Tesla, including researchers and engineers from India present at the factory.

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