Tesla CEO Elon Musk confirms India Expansion by 2019

05 Nov 2018_campuscad


American iconic electric automaker Tesla CEO Elon Musk confirms to expand the geographical presence in India by 2019 via tweet.

Tesla plans to increase its services to all populated cities from North America, Eastern Europe, China and Japan including metros.

Broader expansion by 2020 as Tesla cars are currently not available in India.

In regulatory filings on Friday, Tesla confirms to invest $2.5-3 billion in 2 of its US Giga-factories.

Capital will be invested in Tesla charging network, Mobile service center to Tesla customers, capacity expansion of the existing factories.

Tesla Model 3 is the flagship mass market product with 500km range on single charge with starting price of $45K and strong sell and demand leads to growth and revenue for Tesla coming quarters.

Tesla reported strong Q3 revenue of $6.5 billion with cash positive flow and profit.

Tesla recently acquired the land in Shanghai for $2 billion to build its 3rd Gigafactory in China. It will be the first production factory outside the Unites states.

China has imposed the 25% duty on US manufactured cars in the middle of Tariff war with US.

Tesla prices increased by 20% in the China which is the second largest market for electric automaker after US.

Further China is world’s largest EV market with more than million electric vehicles expected to sell by the end of 2018.

Automaker targeted to produce 500000 units yearly within 2-3 years operation from Chinese factory.

The China made Tesla may be launched in India as it will help automaker to easy import at lower end cost in the region.

Tesla investors said, company need to get the external funding of $10 billion for the aggressive expansion planning worldwide.

In India, Mahindra is selling the all-electric cars and report says TATA also started testing its Electric EVs with the range of 150 km on single charge.  Electric Renault Kwid will be manufacture in India and exported to China.

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