Tesla’s India investment in doubt over plans to utilise existing factories: Report

New Delhi, April 24, 2024.

Tesla’s plans for investment in India to build its factory might get delayed as the US-based EV manufacturer announced its plans to focus on utilising its existing factories to produce new, more affordable vehicles by late this year, reported news agency Reuters.

The leading electric vehicle (EV) manufacturer aims to increase production by 50% from 2023 to nearly 3 million vehicles without investing in new manufacturing lines immediately.

This move, according to Tesla, may result in achieving less cost reduction than previously anticipated but allows the company to grow its vehicle volumes in a more cost-efficient manner during uncertain times.