From Nasdaq: 2024-04-10 10:28:38

Luxury electric vehicle maker Tesla Inc. is discussing a joint venture with Indian company Reliance Industries Ltd. to build a manufacturing plant in India. Talks have been ongoing for over a month, with $2 billion earmarked for the project. A meeting between Tesla’s CEO Elon Musk and Indian Prime Minister Narendra Modi is scheduled for April 22.

The manufacturing plant will likely be located in Gujarat or Maharashtra. Tesla has been facing challenges, including weak demand and tough competition, leading to production and delivery issues. The company has also reduced electric vehicle production at its Giga Shanghai factory in China due to sluggish sales and tough competition from domestic automakers.

Tesla’s factories in Fremont, Shanghai, and Berlin have been experiencing various issues, impacting production. The company is aiming to expand its manufacturing presence globally, with the potential joint venture in India being part of this strategy. Ultimately, Tesla is working to overcome challenges and continue its growth despite the obstacles it has faced.



Read more at Nasdaq: Tesla Reportedly In Talks With Reliance In India For EV Plant