New Delhi
With Tesla and SpaceX CEO Elon Musk confirming his first-ever India visit to meet PM Modi later this month and announce key investments in the electric vehicle (EV) space, industry experts on Thursday said that the country could grow into a considerable market for him in the foreseeable future, generating at least $3.6 billion in revenue by 2030.
The news of Musk arriving here brought cheer to millions of Tesla lovers in India, after a determined PM Modi convinced the tech billionaire to look at the country which has been witnessing stupendous economic growth across quarters for the past decade as his next destination to build a Tesla plant and a global supply chain system.
The list of possible announcements includes India providing duty cuts on imported Tesla cars, the company establishing an official sales and service presence in the country, followed by possible manufacturing facilities further out, senior analyst Soumen Mandal from Counterpoint Research told to source.
The current EV penetration in India is 2.3 per cent, which is likely to reach 28 per cent by 2023.
The electric cars priced around $25,000 (Rs 20 lakh and above) will have at least a 15 per cent market share by 2030, according to the latest industry data.
