Tesla's Musk likely to unveil $2-$3 billion India investment during visit, sources say

Raise a Glass to Malbec! Malbec World Day, April 17 | SaltWire #reels #shorts #wine #foodNEW DELHI - Tesla chief Elon Musk is set to announce an investment in India of $2-$3 billion, mainly for building a new factory, when he visits New Delhi next week to meet Prime Minister Narendra Modi, two sources familiar with the discussions said.

Musk's visit comes as Tesla battles slowing sales in the major markets of the United States and China, and has this week announced layoffs affecting 10% of its workforce. The two sources said Musk will likely give an investment figure for India without sharing details such as a timeline or an Indian state where the plant will be built.For years, Musk opposed India's high import taxes for EVs and lobbied for a change. India's government in March unveiled a new EV policy lowering import taxes to 15% from as high as 100% on some models if a carmaker invests at least $500 million and sets up a factory.

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