• 2 hours India To Auction 41 Coal Assets
  • 10 hours Eldorado Sees Gold Production Soar In Second Quarte
  • 1 day Do Gold Stocks Still Have Upside Potential?
  • 2 days The S&P 500’s Top Companies Hold $2.5 Trillion In Debt
  • 2 days Electric Vehicle Rebound Bolsters Battery Metal Growth
  • 3 days BlackRock Makes A Run On Asian Stocks
  • 3 days Gold Prices Surge Above $1,800
  • 4 days Chinese Stocks Soar On Bullish Economic Data
  • 4 days Apple’s “Holy Grail Of Data” Leaves Energy Traders Disappointed
  • 4 days Gold Rally Adds $250 Billion To Top 50 Miners' Market Cap
  • 5 days TikTok Is Becoming A New Battleground For Tech Politics
  • 5 days Peru's Mining Industry Pummeled As Coronavirus Cases Surge
  • 5 days Why The World Is So Divided In Its COVID-19 Response
  • 6 days Equities Cheer Stellar Jobs Report, But It May Be Fleeting
  • 7 days Is Tech Billionaire Peter Thiel Done With Trump?
  • 7 days Musk Takes To Twitter To Troll The SEC
  • 8 days Lunar Mining May Commence As Early As 2025
  • 9 days Immigration Will Go Bust Without $1.2B Bailout
  • 9 days The Economics Of The Space Race
  • 10 days Why The World's Central Banks Aren't Yet Sold On Renewables
Why The World Is So Divided In Its COVID-19 Response

Why The World Is So Divided In Its COVID-19 Response

The Covid-19 pandemic should have…

BlackRock Makes A Run On Asian Stocks

BlackRock Makes A Run On Asian Stocks

On Monday, BlackRock downgraded U.S.…

Oilprice.com

Oilprice.com

Writer, OilPrice.com

Information/Articles and Prices on a wide range of commodities: We have assembled a team of experienced writers to provide you with information on Crude Oil,…

Contact Author

  1. Home
  2. News
  3. Breaking News

Tesla Looks To Jump Into Indian Market

Tesla

Elon Musk is not giving up on the potentially huge but largely undeveloped electric vehicle (EV) market in India, saying that he ‘would love’ Tesla to be there this year or next.

Replying to a Twitter follower, Musk has recently said “Would love to be there this year. If not, definitely next!,” adding a couple of heart emoticons for India.

Tesla has not started making electric vehicles in India yet because of some challenging government regulations, Musk said in May last year.

Replying to a user commenting on a map of Tesla Superchargers that Musk had tweeted, the EV maker’s chief executive wrote last May:

“Would love to be in India. Some challenging government regulations, unfortunately.”

In May 2017, Musk tweeted, “Maybe I’m misinformed, but I was told that 30% of parts must be locally sourced and the supply doesn’t yet exist in India to support that.”

A month later, in June, Tesla’s CEO said that he was “In discussions with the government of India requesting temporary relief on import penalties/restrictions until a local factory is built.”

Although India and China are similarly sized with regards to their huge populations, India is lagging far behind China in terms of passenger EV adoption, with just 6,000 passenger EVs, compared to China’s 1.35 million passenger EVs, according to data from Bloomberg NEF. Related: De Beers To Expand World’s Most Profitable Diamond Mine

In August last year, Bloomberg NEF (BNEF) analysts said that India was more focused on electrifying public transport, taxis, and three-wheelers, which comes at the expense of private passenger EVs.

“We remain optimistic on India’s e-bus market, but do not expect large numbers of passenger EVs to be sold until the latter half of the 2020s,” BNEF analysts said.

India’s biggest electrification drive in transportation is taking place in the three-wheeled e-rickshaws which can maneuver in the crowded streets, Bloomberg’s Jill Ward and Anindya Upadhyay wrote in October last year. India has 1.5 million e-rickshaws—more than the total number of passenger EVs in China, they found.  

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Safehaven.com:

Back to homepage

Leave a comment

Leave a comment