Tesla likely to postpone India plan
Lars Moravy, head of Tesla’s engineering, further said new manufacturing processes and production lines come with “some risks,” and the automaker made a “major shift” to utilise its facilities to build low-cost vehicles in a fast and efficient manner for now. Investors welcomed this cautious approach of Tesla as shares of the company surged 12% during after-hours trading, despite the company’s quarterly results falling short of estimates.
If Tesla decides to postpone its India plan, it will be a big setback for the current government which brought in a major change in its EV policy and lowered taxes on imported cars to attract global automakers. Following this, Musk announced that he would be visiting India and meeting Prime Minister Narendra Modi.
This fuelled rumours that Musk would announce entering into the Indian market, giving a big boost to PM Modi who is contesting for a third term in the ongoing general elections.
Company’s shares surge 12%
Lars Moravy, head of Tesla’s engineering, further said new manufacturing processes and production lines come with “some risks,” and the automaker made a “major shift” to utilise its facilities to build low-cost vehicles in a fast and efficient manner for now. Investors welcomed this cautious approach of Tesla as shares of the company increased 12 per cent during after-hours trading
A setback for current government
If Tesla decides to postpone plan in the country, it will be a big setback for the current government which brought in a major change in its electric vehicle (EV) policy and lowered taxes on imported cars to attract global automakers. Following this development, Elon Musk announced that the Tesla chief would be visiting India and meeting Prime Minister Narendra Modi