Elon Musk's Tesla foraying into the Indian market is perhaps one of the most jubilant moments for auto enthusiasts. While the company's plans for the Indian market are at a nascent stage, Tesla's entry into the Indian market is seen as a big push for the electric vehicle segment. Meanwhile, as that brews, Tata Motors stocks ended up rallying amid rumours of a joint venture with Musk's firm.
On Friday, Twitter handle of Tata Motors Electric Mobility, that is not verified but is followed by Tata Motors, put out a tweet: "Aajkal tere mere pyaar ke charche hain akhbaar mein, Sab ko malum hai aur sabko khabar ho gayi!". It tagged Tesla and Elon Musk in the tweet and used the hashtags WelcomeTesla and TeslaInIndia. However, the tweet was deleted by the company a couple of hours later.
This tweet came after Tata Motors categorically denied any association with Tesla and said that it is yet to finalise a partner for its passenger vehicle business. "Tata Motors has not taken any decision regarding a strategic partner for its PV (passenger vehicle) business and categorically denies any and all rumours suggesting the same," said the company in a statement.
Tata Motors Electric Mobility also retweeted the tweet around the same time it deleted its tweet to Tesla.
Earlier this week, reports of Tesla's firm in Bengaluru emerged. Ahead of its launch in India, Tesla set up a firm with three directors and paid up capital of Rs 1 lakh in Bengaluru. The company is also scouting for land possibly for a manufacturing and R&D set up and is reportedly in talks with multiple states including Karnataka, Maharashtra, Gujarat, Tamil Nadu and Andhra Pradesh.
Soon after there were speculations of Tesla's joint venture with Tata Motors. Following such reports, Tata Motors stock rose 31% in one week. Tata Motors share price hit a new 52-week high of Rs 264.6, rising 7.93% on BSE today.
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