Elon Musk may outline sizeable India investments during visit

Elon Musk, the CEO of Tesla, is expected to arrive in New Delhi this Sunday and hold a meeting with Prime Minister Narendra Modi on Monday morning to unveil his investment intentions in the electric vehicle (EV) sector, as per sources.

Sources suggest that Musk will outline a plan for potential investments upto $ 20 Billion in India in different phases while the initial phase might see investment announcement of upto $ 3 Billion.

While there's buzz about initiating Tesla sales in the country this year, Musk is anticipated to engage in discussions with startups at Bharat Mandapam. However, it's uncertain whether the Starlink agreement will be finalized during this trip as sources said final nod from Ministry of Home Affairs is still awaited. There are elections in the country and the model code of conduct is in place so a formal announcement on Starlink may not happen.

On April 10, Musk confirmed his visit to India and his planned meeting with PM Modi. In a post on X, he wrote: “Looking forward to meeting with Prime Minister @NarendraModi in India."

In June last year, Musk had met Modi during the prime minister’s US visit. The Tesla CEO had then said he planned to visit India in 2024, while expressing confidence that the company will enter the Indian market soon.