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Saturday, June 22, 2024

Tesla is considering purchasing $1.9 billion in components from India, according to Goyal

<p>According to Commerce and Industry Minister Piyush Goyal, the US-based electric car manufacturer Tesla is trying to source components worth around $1.9 billion this year compared to $1 billion last year.<img decoding=”async” class=”alignnone wp-image-179028″ src=”https://www.theindiaprint.com/wp-content/uploads/2023/09/theindiaprint.com-tesla-is-considering-purchasing-1-9-billion-in-components-from-india-according-to-.jpg” alt=”theindiaprint.com tesla is considering purchasing 1 9 billion in components from india according to” width=”1246″ height=”700″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2023/09/theindiaprint.com-tesla-is-considering-purchasing-1-9-billion-in-components-from-india-according-to-.jpg 299w, https://www.theindiaprint.com/wp-content/uploads/2023/09/theindiaprint.com-tesla-is-considering-purchasing-1-9-billion-in-components-from-india-according-to–150×84.jpg 150w” sizes=”(max-width: 1246px) 100vw, 1246px” title=”Tesla is considering purchasing $1.9 billion in components from India, according to Goyal 6″></p>
<p>According to the minister, future demand for electric cars will rise, which will support the sector’s expansion.</p>
<p>“Tesla already purchased $1 billion worth of components from everyone of you seated here last year… I am in possession of Tesla’s supplier list. At the ACMA’s annual meeting, he said that this year’s aim was close to $1.7 billion, or $1.9 billion as they had previously indicated.</p>
<p>Goyal said that international businesses are flocking to India because of its appeal when questioned about their plans to invest there as part of their China plus one strategy.</p>
<p>“I completely refute and disprove the China plus one hypothesis. That won’t be what motivates India, however.The modern India can stand by itself. The modern India has gifts to give the rest of the globe. Both for commerce and investment,” he added.</p>
<p>Goyal continued by saying that India offers them a favorable business climate, expertise in the management and technical fields, a sizable market, and demand from 1.4 billion people.</p>
<p>It’s a nascent democracy and a rules-based economy.one of the main economies with the quickest growth. It becomes a compulsive investment location as a result of all of this.</p>
<p>Therefore, businesses throughout the globe are looking to India as a reliable partner and have moved beyond the “China plus one” narrative, the ABC mentality of “anything but China,” and friend- or near-shoring, he said.</p>
<p>He predicted that when the global electric vehicle market expands, India would follow suit.</p>
<p>Electric cars are already becoming a highly attractive investment case in India in several circumstances, such as in taxis and public transportation buses.</p>
<p>As we achieve large-scale manufacturing, we will begin to reap the benefits of economies of scale, new technological advancements, and innovative R&D that are coming to India, he added.</p>
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