Bloomberg said that India is getting closer to making a deal with Tesla Inc., which would let the US car company send cars to India. Under the terms of this deal, Tesla is also likely to build a factory in India in 2024.

A person talked to Bloomberg about how the deal could be announced at the Vibrant Gujarat Global Summit in January 2024. The states of Maharashtra, Tamil Nadu, and Gujarat are on Tesla’s list of possible places to build an electric vehicle (EV) plant.

Bloomberg claimed that Tesla would make an initial investment of USD 2 billion to set up shop in India and would like to buy up to USD 15 billion worth of auto parts from the country.

Sources also say that the plans aren’t set in stone yet and could change at any time. Elon Musk’s company wants to do business in Maharashtra and Tamil Nadu because they already have strong systems in place for exports and electric cars. Gujarat is being thought about because of how quickly infrastructure is being built up there.

Tesla Inc. plans to make batteries in the United States in order to cut costs and also ship EVs and car parts. Tesla has plants in the US, China, and Germany. The Modi government’s push for more electric vehicles (EVs) in India could bring in a lot of extra money for Elon Musk’s company.

India’s market for electric vehicles is still small. Last year, battery-powered cars made up only 1.3% of all passenger vehicles sold in the country.

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Tariffs on bringing Tesla cars into India can be very high, but if the cars are made in India, the prices could drop to as little as ₹15 lakh.

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The electric vehicle manufacturer has signed a five-year lease agreement with Tablespace Technologies Pvt Ltd to lease 5,850 square feet of office space on the first floor of B wing in Panchshil Business Park. Tesla will lease the space for 60 months at a monthly rate of 11.65 lakh and a security deposit of 34.95 lakh.

According to the agreement registered on July 26, 2023, the lease agreement will include five car parks and ten cycle parks, according to documents accessed and shared by CRE Matrix, a real estate analytics firm.

According to the documents, two companies consented to a 36-month lock-in period with an annual escalation clause of 5%. The lease will begin on October 1, 2023.

According to the Panschil Realty website, Panchshil Business Park at Viman Nagar has a development capacity of 10,77,181 square feet and is currently under construction. It is situated 500 metres from Nagar Road and three kilometres from the international airport in Pune. It is conveniently accessible from Kalyani Nagar, Koregaon Park, Wadgaonsheri, and Kharadi.

Despite the fact that Tesla’s Indian subsidiary was registered in Bengaluru in 2021, the company’s entry into India has been sluggish. In May, Reuters reported that Tesla had proposed establishing a factory in India to manufacture electric vehicles and EV batteries.

In May, India’s Minister of State for Electronics and Information Technology Rajeev Chandrasekhar told the agency, “They are very seriously considering India as a production and innovation base.”

ALSO READ : Top Indian official denies Tesla tax waivers during EV factory talks.

During his US trip in June, Musk conferred with Indian Prime Minister Narendra Modi and expressed interest in establishing a manufacturing facility in India. He informed reporters that Tesla was eager to invest in India. Musk was quoted as saying, “I am confident that Tesla will be in India as soon as humanly possible.”

Two senior Tesla executives purportedly met with Invest India officials last week and have scheduled additional meetings in Delhi.

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The documents show that the parties involved settled on a 36-month lock-in period with an annual escalation clause of 5%. On October 1, 2023, rent will become due.According to the Panschil Realty website, the development area for the Panchshil Business Park in Viman Nagar is 10,77,181 square feet. It’s only three kilometres from Pune International Airport and 500 yards from Nagar Road. Kalyani Nagar, Koregaon Park, Wadgaonsheri, and Kharadi, to name a few nearby neighbourhoods, can all get there quickly and conveniently.Despite having an Indian subsidiary established in Bengaluru in 2021, Tesla’s expansion into the Indian market has been sluggish.

In May, Reuters reported that Tesla has proposed opening a facility in India to produce electric vehicles and EV batteries.In May, India’s Minister of State for Electronics and Information Technology Rajeev Chandrasekhar told the agency, “They are very seriously looking at India as a production and innovation base.”Musk expressed interest in opening a factory in India at a meeting with Prime Minister Narendra Modi in June, during Modi’s visit to the United States. He has previously assured the press that Tesla was eager to invest in India. Musk is cited as saying, “I am confident that Tesla will be in India and will do so as soon as humanly possible.”Two senior executives from Tesla allegedly met with representatives from Invest India last week, and they have already scheduled other meetings while in Delhi.

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Elon Musk, CEO of Tesla, stated last month that Indian Prime Minister Narendra Modi was pressuring the automaker to make a “significant investment” in the country, adding that an announcement of this nature was imminent.

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In the past, discussions between the American automaker and the Indian government included a request for customs duty exemptions for the import of its electric vehicles, which India rejected.

“At this time, the Department of Revenue is not actively considering a duty exemption for Tesla,” Malhotra said on Thursday.

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Elon Musk, the chief executive officer of Tesla, announced on Tuesday that the company is considering making an investment in India’s market as soon as possible. His comments came after he met with Narendra Modi, the prime minister of India.

During Modi’s state visit to the United States, which took place in New York. Reuters was informed by a source in the past that Musk will meet with Modi to discuss his aspirations to establish a manufacturing facility in India.

His remarks came after he had a meeting with Indian Prime Minister Narendra Modi in New York, which took place during Modi’s state visit to the United States.

The country known as the US. Reuters was informed by a source in the past that Musk will meet with Modi to discuss his aspirations to establish a manufacturing facility in India.

When asked by reporters about Tesla’s plan to invest in India, Musk responded by saying, “I am confident that Tesla will be in India and will do so as soon as humanly possible.” He also mentioned that he planned to visit the nation in the following year.

“I would like to thank the prime minister for his support, and hopefully we’ll be able to announce something in the not too distant future,” he added. “I would also like to thank the president for his assistance.”
According to a video posted on Twitter by an Indian broadcaster, Elon Musk was quoted as calling himself “a fan” of Indian Prime Minister Narendra Modi and mentioning that Modi had previously visited a Tesla facility in California.

After meeting Prime Minister Modi, Elon Musk tweeted, “Looking forward to bring Starlink to India.”

Compared to other major nations, India has more potential. Because of his (Modi) concern for India, we want to make substantial investments in the country. Just trying to make sense of the

appropriate moment,” Musk remarked.
Solar power, stationary battery packs, and electric cars are all examples of areas where India has the potential to lead the world in developing sustainable energy sources. Musk, who is also the CEO of SpaceX, has expressed hope that Starlink will soon be available in India.
Tesla executives met with Indian government officials last month to discuss the possibility of setting up a factory in the country to produce both vehicles and their batteries.
Musk stated last month that Tesla would likely choose a location for a new factory before the end of the year, and he mentioned India as a potential site.
In light of the current political climate between the United States and China, American businesses would be wise to diversify their supply chains away from China. Due to the country’s prohibitive import taxes, Tesla abandoned efforts to enter the Indian market last year.
Twitter co-founder Jack Dorsey accused India of threatening to shut down the platform for not complying with content takedown demands during a protest in 2020–2021. Modi’s meeting with Musk, who owns Twitter, happened days later.
It was deemed a “outright lie” by India.

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Elon Musk can now add the following job to his résumé:
holder of a Guinness World Record.

Tesla’s “Technoking” made history thanks to a disastrous 2022 that saw his fortune decline by $182 billion, the organisation said in a release on Friday that used Forbes figures.

Musk broke the previous record, a $58.6 billion loss by Japanese businessman Masayoshi Son in 2000, according to Guinness, even if “the actual sum [of Musk’s loss] is extremely impossible to ascertain,” with other publications predicting that he lost more than $200 billion.

The precipitous decline of Tesla shares, which lost around 65% of their value during the company’s worst year on record, was a major factor in Musk’s declining wealth.

The setback was sufficient to dethrone him from his position as the world’s richest person, which is now held by luxury goods tycoon Bernard Arnault.

Musk isn’t the only billionaire whose wealth declined in 2022, of course.
According to a recent CNBC Make It analysis, American millionaires collectively lost $660 billion last year.

Also read:-https://republicaeon.com/elon-musk-loses-more-money-than-anyone-else-in-history-this-is-a-world-record/

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Jeff Bezos, the creator of Amazon, was rescued from setting the Guinness World Record by the 53-year-wealth old’s drop.
If it weren’t for Musk, Bezos’ $80 billion loss in 2022 would have secured him the “biggest loss” title.

Masayoshi Son’s record was also broken by fellow IT CEO Mark Zuckerberg with his $78 billion loss.

In late 2021, Musk’s wealth peaked at $320 billion.
His estimated net worth as of Jan. 10 according to Forbes is $142.1 billion, which places him ahead of India’s Gautam Adani ($125.1 billion) as the second-richest person in the world.

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The move is a reversal of the automaker’s approach over the previous two years, when demand for new vehicles outweighed supply. It comes after CEO Elon Musk cautioned that the company could reduce prices to sustain expansion at the expense of profits if a recession and higher interest rates materialise.

Musk stated a year ago that prices had risen to “embarrassingly expensive” levels and were likely to reduce demand. Friday’s share price decline peaked at 6.4% before settling at 0.9%. Due to slowing development in China and Musk’s obsession with Twitter, Tesla’s stock endured its worst year since the company’s creation.

Following a series of price cuts in Asia last week, Tesla dropped pricing throughout the United States, Europe, the Middle East, and Africa, in what analysts saw as a clear strike at both smaller rivals that have been haemorrhaging cash and incumbent manufacturers aggressively ramping up electric car manufacturing.

Thomas Hayes, chairman and managing member of Great Hill Capital, remarked, “Competition is approaching, and they are responding by lowering prices.”

People who were previously priced out of the market may now be able to buy an electric vehicle. American and French purchasers of select electric vehicles could take advantage of reductions and federal tax credits available in both countries.

The U.S. price reductions for Tesla’s global best-sellers, the Model 3 sedan and Model Y crossover SUV, ranged from 6% to 20%, according to calculations by Reuters, with the base Model Y now costing $52,990, down from $64,990.

These reductions are before a $7,500 federal tax credit that went into effect on January 1 for many electric vehicles and may push discounts to above 30%.

In the United States, Tesla also reduced the price of its Model X luxury crossover SUV and Model S sedan.

DISCOUNTS KICK IN MORE SUBSIDIES IN FRANCE, U.S.

A representative for Tesla Germany stated that lower cost inflation contributed to price reductions in its largest European market, but did not explain which expenses had decreased.

In Germany, Tesla reduced the price of the Model 3 and Model Y by between 1 and 17 percent. The most popular Model Y will now cost 44,890 euros ($48,499), a decrease of 9,100 euros.

Additionally, costs were decreased in Austria, Switzerland, and France.

In France, consumers purchasing the Model 3 for 44,990 euros will now receive an additional discount of 5,000 euros via a government subsidy on an EV scheme with a threshold of 47,000 euros.

This action expands Tesla’s lineup of automobiles eligible for the Biden administration’s tax credit.

Prior to the price reduction, the five-seat version of the Model Y was ineligible, which Musk described as “wrong.” After the price reduction, the long-range Model Y will qualify.

Deutsche Bank estimated that a Model Y could cost $18,000 less than Ford’s rival Mustang Mach E after tax credits. Tesla’s vehicle gross profit margins, which are among the highest in the industry, are anticipated to decline by 3 percentage points between 2022 and 2023, but the company’s “strong offensive approach” secured growth and put competitors in a tough position, according to the broker.

While Tesla shares declined, competitors’ equities were hurt even more.

General Motors Co (GM.N) and Ford Motor Co (F.N) sank 4.5% and 6%, respectively, to rank among the largest decliners on the S&P 500 Index, while Stellantis NV (STLA.MI) and Volkswagen AG (VOWG p.DE) declined 3.7% and 3.7%, respectively, in Europe.

According to Wedbush analyst Dan Ives, the move could increase global deliveries by 12 to 15 percent this year and demonstrates Musk’s response to intensifying competition.

“KICK IN THE GUT”

Fans and customers of Tesla protested that the price decreases disadvantaged individuals who had just purchased a vehicle.

Greg Woodfill of Seattle, who purchased a Model Y in December, contemplated waiting until the new year to receive the U.S. subsidy, but was enticed by a $3,750 discount at the time.

The Tesla aficionado, who previously owned a Model 3, was frustrated with Musk’s antics, but he opted to get a Model Y because he loved Tesla products.

“It’s a stomach punch, to be honest,” he told Reuters on Friday, adding that it seemed unfair that Tesla aimed to boost fourth-quarter sales with discounts before slashing prices even further a month later.

If they had anticipated a price reduction of this magnitude, they would have lowered the price in December.

In China, when Tesla reduced prices by 6-13.5 percent last week, owners protested at delivery centres and demanded compensation.

In 2021, the United States and China contributed for around 75% of Tesla’s sales, but Europe’s share has been increasing.

Last week, Tesla reduced pricing in China and other Asian nations, which analysts predicted would increase demand and put rivals, particularly BYD (002594.SZ), under pressure to follow suit in what may become a price war in the largest single EV market.

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The IRS’s list of eligible automobiles for the Inflation Reduction Act under the Biden administration stunned proponents of electric vehicles recently (IRA). According to the current list, some variations of well-known battery electric vehicles such as the Tesla Model Y and the Ford Mustang Mach-E are ineligible for the $7,500 federal tax credit offered by the IRA, even though hybrid vehicles like the Jeep Wrangler 4XE are eligible, despite its 20 MPGe and 21-mile all-electric range.

This was done for a good reason—the IRA currently categorises its qualifying cars into two categories: “SUVs/Trucks/Vans” and “All Other.” The maximum price for vehicles in the “SUVs/Trucks/Vans” category is $80,000 and is determined by a number of factors, including weight. The maximum price for those in the “All Other” group is $55,000. In the instance of the Model Y Dual Motor AWD, the version was too pricey to fall under the $55,000 maximum for the “All Other” category and too light to qualify under “SUVs/Trucks/Vans.”

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Rejecting some of the most well-liked electric vehicles in the nation was nothing short of absurd given that the IRA’s $7,500 federal tax credit is partly meant to boost the United States’ dominance in the EV sector. It therefore came as no surprise that supporters of electric vehicles demanded modifications to the IRS’s present requirements in order to make it possible for real EVs that are built for sustainability to be eligible for subsidies.

The Inflation Reduction Act’s EV tax credit system was called into question in a Change.org petition, one of the most prominent initiatives the EV community has so far advocated for. Farzad Mesbahi, a former Tesla employee who is now a YouTube broadcaster, first submitted the petition. He remarked that the existing system, which disqualifies EVs like the Model Y in favour of hybrids, is utterly absurd. With a total of 44,849 signatures as of this writing, the petition has received a lot of support.

According to the Change.org petition, the IRA’s existing EV incentive structure is at best careless or ineffective and at worst corrupt. The petition therefore proposed two options for the IRA: either eliminate incentives for all hybrid vehicles and limit them to pure electric vehicles such as the Ford Mustang Mach-E and the Tesla Model Y, or have the system fairly apply its SUV or non-SUV regulations. Ironically, the Model Y was effectively barred from the $7,500 federal tax credit offered by the IRA due to technicalities, despite the fact that the NHTSA and EPA have classified the car as a small SUV.

Elon Musk, CEO of Tesla, has criticised the IRA’s existing incentive scheme, saying it is strange that the Model Y is being “punished” for being “too mass-efficient.” Musk also requested feedback on the IRA’s present EV incentive programme from fans of electric vehicles. It should be emphasised that Musk has stated in the past that he is opposed to EV incentives in general; nonetheless, the CEO is advocating for fair guidelines now that one is coming.

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