Image Source: Pexels

Tesla Inc (NQ: TSLA) is in focus following reports that it could announce plans of setting up its first factory in India at the upcoming Vibrant Gujarat Summit.

Tesla is yet to confirm such plans

Prime Minister Narendra Modi and Elon Musk – the Chief Executive of Tesla are expected to attend the said event scheduled for January of 2024.

The electric vehicles behemoth is interested in building a manufacturing plant in the western state of Gujarat, as per the Economic Times.

Tesla itself, however, has not officially signalled plans of setting up a factory in India so far.

The report arrives at a time when Elon Musk is contending with unions across Scandinavia. Shares of Tesla Inc are down nearly 14% versus their year-to-date high at writing.

Tesla wants a preferential 15% duty

Tesla Inc wants to launch its Model 3, the Model Y, and even a new, more budget-friendly hatchback in India, as per multiple media reports.

It’s worth mentioning here, though, that government of Gujarat has not so far confirmed that the EV giant indeed has shown interest in building a manufacturing plant in the fifth largest Indian state.

Last month, Tesla was reported onboard with investing up to $2.0 billion to build a factory in India provided that the government agreed to a concessional duty of 15% on imported vehicles for the first two years of the plant’s operations.

Just days ago, influential investor Cathie Wood loaded up on shares of Tesla Inc, as Invezz reported here.

More By This Author:

Boeing Stock Price Had A Good 2023: Will 2024 Be Even Better?
American Express Outpaces The Market, But The Signals Are A Mixed Bag
USD/JPY Forecast For 2024: How High Will The Japanese Yen Rise?