Tesla's Loss, Not India’s: Ola CEO on Elon Musk-Led Company Not Investing in India

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The decision by Tesla to refrain from investing in the Indian market represents a significant missed opportunity for the US-based electric vehicle (EV) giant, according to Bhavish Aggarwal, CEO of Ola Cabs. 

In a statement shared on social media platform X (formerly Twitter), Aggarwal emphasized that the impact of Tesla's choice is more detrimental to the company itself rather than to India.

"If true, this is Tesla’s loss, not India’s," Aggarwal remarked, underscoring India's rapidly growing EV and lithium ecosystem. 

Despite its nascent stage, the Indian market is gaining momentum swiftly, positioning itself as a formidable player in the global EV landscape. 

Aggarwal also suggested that Tesla might find it too late to enter India seriously again in the near future.

The sentiment follows a report by Bloomberg indicating that Tesla has ceased responding to inquiries from New Delhi officials and no longer plans to expand its presence in India. 

The report attributes Tesla's decision to financial challenges amid consecutive declines in global deliveries and increased competition, particularly from Chinese automakers.

Elon Musk, Tesla's CEO, had initially planned a visit to India, which included a meeting with Prime Minister Narendra Modi, but postponed it due to urgent company matters. 

His visit was intended to capitalize on India's reduced import taxes on electric vehicles, contingent upon foreign manufacturers investing a minimum of Rs 4,150 crore and commencing local EV production within three years.

In contrast to Tesla's withdrawal, the Indian government has recently launched a robust electric vehicle policy aimed at attracting global investments and establishing India as a major EV manufacturing hub. 

The policy, valued at Rs 41.5 billion ($500 million), offers incentives to enhance local production of advanced EVs, reduce oil imports, curb urban air pollution, and bolster domestic auto manufacturing competitiveness.

Under this policy, companies are required to make substantial investments in manufacturing facilities and achieve domestic value addition (DVA) benchmarks within specified timelines. 

Import duties on completely knocked down (CKD) units exceeding $35,000 CIF value will be waived for companies meeting investment thresholds, further incentivizing local production.

The focus has shifted to domestic automakers like Mahindra & Mahindra and Tata Motors, poised to benefit from the policy's incentives and contribute significantly to India's EV sector growth. 

The policy aims to create a conducive environment for technological innovation and sustainable development in the automotive industry.

In conclusion, while Tesla's decision not to invest in India marks a setback for its global expansion plans, it underscores the competitive dynamics and potential of India's burgeoning EV market. 

As the country continues to prioritize electric mobility and sustainable development, local manufacturers are gearing up to capitalize on these opportunities, shaping the future of mobility in India and beyond.

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