Tesla Plans $3 Billion EV Factory in India

The move aims to leverage India's growing electric vehicle market and government incentives for local manufacturing.

Elon Musk's Tesla is planning to construct a $3 billion electric vehicle factory in India, aiming to capitalize on the country's growing EV market.
Tesla's move comes as India offers incentives like reduced import tariffs for EVs from automakers investing in local manufacturing.
The proposed factory could be located in Maharashtra, Gujarat, or Tamil Nadu, states with established automotive hubs.
Tesla has begun producing right-hand drive cars in Germany for export to India, indicating an accelerated push into the Indian market.
The investment is seen as a significant boost to Prime Minister Narendra Modi's efforts to enhance domestic manufacturing and reduce dependence on imports.