Tesla's Musk likely to unveil $2-$3 bln India investment during visit, sources say [Reuters]
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Source: Reuters
India's EV market is small but growing and dominated by local carmaker Tata Motors (TAMO.NS) New Tab , opens new tab . EVs made up just 2% of total car sales in 2023, but the government is targeting 30% of new cars to be EVs starting 2030. Musk's visit comes as Tesla battles slowing sales in the major markets of the United States and China, and has this week announced layoffs affecting 10% of its workforce. Details of Musk's India visit are closely-guarded, with the CEO only publicly confirming on his social media platform X that he will meet Modi in India. The two sources said Musk will likely give an investment figure for India without sharing details such as a timeline or an Indian state where the plant will be built. Tesla did not immediately respond to a request for comment. For years, Musk opposed India's high import taxes for EVs and lobbied for a change. India's government in March unveiled a new EV policy lowering import taxes to 15% from as high as 100% on some
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