On Wednesday, the stock price of Tesla increased as it began discussing with the Indian government for a car factory in the country.
It rose by 0.82% to $271.99 per share on July 12. Likewise, it is expected to go up by 0.35% to $272.94 apiece in the upcoming session.
A report from the Times of India said the Tesla factory to be built plans to have a vast capacity. They aim to have it hold as many as 500,000 electric vehicles (EVs). The report added that the prices will begin at $24,400.66 or two million rupees.
Moreover, the Elon Musk-led automaking company sees India as a promising export base. Besides, they plan on delivering EVs to Indo-Pacific region countries.
The discussions between the Indian government and Tesla show a switch in the electric car maker’s strategy. However, these were paused when India disagreed with the company’s request for lower car import taxes.
Also, the country was sharp for the firm to make electric vehicles locally. But they said they plan on exporting cars first to test the demand’s strength.
The Indian Prime Minister pushed Tesla to have major investments in the country during a meeting with Musk last month. According to analysts, the car maker discussed car and battery manufacturing incentives.
Electric Supply by Tesla to be Launched in Britain
Elon Musk’s Tesla aims to rattle the energy market in Britain by launching a new household supplier.
The electric car maker also runs an energy supply business in the US. Experts said it plans to sell electricity to homes and run virtual power plants.
Furthermore, the listing for Tesla Electric called for a new executive. It applies to households that get electricity supply that owns their products like EVs or batteries. The decision-making will include a beneficial skepticism for its entry into the UK market.
It became clear that they want to help customers who own their products to store electricity when it is cheap. They can also sell the energy back to the grid once the prices rise.