According to Nitin Gadkari, Union Minister for Real Transport and Highways, Elon Musk’s electric vehicle manufacturer Tesla will start selling cars in India in early 2021. Gadkari informed that Tesla would start operation in India with sales in the coming year. Before this, Elon Musk tweeted about the company’s plans for India becoming a reality next year. Gadkari further stated that Tesla would consider establishing a manufacturing and assembly lines in India based on the response the company gets. All these years, admirers of Tesla have been waiting for the company to come to India. However, as per Musk, the norms of 30% locally sourced material has been delaying the plans for so long.
Tesla has stayed away from India for so long. However, the company runs a factory in Shanghai, China. For Tesla’s Model 3, the facility works as the assembly line. Also, it has plans for Model Y in place. After the site grading for the factory, the initial cars from the factory were delivered just ahead 12 months. With a market capitalization of $659 billion, Tesla is one of the leading car manufacturers in the world now. This is much better than Toyota’s market capitalization of $215 billion. Tesla’s revenue came in at $7.38 billion in the fourth quarter of 2019. The Elon Musk’s firm has not stopped growing at an astronomical pace even in the pandemic year.
Tesla posted revenue of $8.77 billion in the last quarter. In recent times, Tesla was added to the S&P 500 index.