IANS | 19 Apr, 2024
As Elon Musk prepares to arrive in India in the next couple of days
to announce Tesla’s local manufacturing plans, homegrown Electric
Vehicle (EV) startups on Friday said Tesla's entry would drive
infrastructure development and job creation.
They said that the
billions of dollars worth of investments will drive technological
advancements, infrastructure development and employment generation,
leading to an increased adoption of EVs across India.
During his
meeting with Prime Minister Narendra Modi, the Tesla and SpaceX CEO is
expected to announce a $2-$3 billion worth Tesla manufacturing facility.
He
might also announce the likely arrival of his affordable satellite
Internet service Starlink, for which the government has speeded up the
licence approval process.
Akshit Bansal, Founder and CEO of EV
charging infrastructure provider Statiq, told IANS that Tesla's entry
presents numerous opportunities for the domestic EV industry.
“Despite
being renowned for their premium pricing, Tesla's popularity is
undeniable. By establishing a presence in India, Tesla stands to gain
access to a burgeoning market of tech-savvy consumers who are
increasingly embracing sustainable transportation solutions,” Bansal
said.
Moreover, Tesla's reputation for innovation and advanced
technology could attract a segment of Indian consumers who value quality
and performance over price alone.
A cheaper Tesla EV worth around
Rs 20 lakh in the future is also a possibility, which will further
drive the momentum for the Musk-run company.
Hari Kiran,
Co-Founder and COO at electric two-wheeler manufacturer eBikeGo, said
that Tesla’s entry holds significant importance for the EV industry in
the country.
“The entry of such global brands into the Indian EV
market will not only lead to a market penetration of EVs up to 40 per
cent by 2030 but also increase the value of the EV sector to almost $100
billion per year,” Kiran told IANS.
The shift will result in the creation of numerous job opportunities, especially in the manufacturing and the technology sector.
VG Anil, CEO of EV battery manufacturer ARENQ, said that Tesla's presence is also expected to drive consumer confidence.
“The
healthy competition fosters innovation, cost reduction and
sustainability efforts. We aim to accelerate the transition to a
cleaner, greener future, creating opportunities, reducing emissions, and
advancing the automotive industry. Tesla's entry signifies a pivotal
moment in our country's EV landscape,” Anil elaborated.