Tesla, the Elon Musk-led company, is planning to build a $24,000 car in India. $24,000 is about Rs 20 lakhs, which is a medium-budget price for an automobile according to the Indian market. This car and the price are going to create competition in the field.
India is one of the largest and fastest-growing automobile markets in the world. The said $24,000 car will be the lowest-priced from Tesla with a 25% decrease in price from the Model 3, the current lowest-priced car from Tesla.
If the price is not going to change, Tesla offers competition not only for electric cars but for non-electric cars too. Manufacturing the car locally in India will slash the high import taxes that currently apply to foreign-made automobiles.
In addition to that, the local manufacture of the car aligns with the ‘Make in India’ initiative by the Indian government. The demand is there because the Indian market has limited EV options in the sub-20 lakh price segment.
Tesla
Tesla Inc. is an American multinational automotive and clean energy company headquartered in Austin, Texas. Tesla designs and manufactures electric vehicles, stationary battery energy storage devices from home to grid-scale, solar panels, solar roof tiles, and related products and services.
Tesla is one of the world’s most valuable companies. As of 2023, it is the world’s most valuable automaker. Tesla was incorporated in July 2003 by Martin Eberhard and Marc Tarpenning as Tesla Motors. The name of the company is a tribute to the inventor and electrical engineer Nikola Tesla.
In February 2004, via a $6.5 million investment, Elon Musk became the largest shareholder of the company, and in 2008, he became the CEO.
