Elon Musk-led Tesla not to announce India investment plans at Vibrant Gujarat Global Summit

Elon Musk will not be announcing investment plans for his entry into India at the Vibrant Gujarat Global Summit, a government official said.

"It is the prerogative of any company to decide where to invest. The government of Gujarat will be more than happy to facilitate them," said Rahul Gupta, Managing Director, Gujarat Industrial Development Corporation on Wednesday.

He was responding to a query on the expectation that Musk may announce plans to set up a manufacturing facility for Tesla cars in Gujarat at the state's investor summit.

"Gujarat continues to be the most preferred investment destination for the electric vehicle sector," Gupta further highlighted.

Foreign secretary Vinay Kwatra noted that discussions with the electric vehicle maker for setting up a manufacturing facility in India were taken up during Prime Minister Narendra Modi's visit to the United States in mid-June 2023.

Tesla has since then been in talks with India for investing upto $2 billion for setting up an EV factory in the country. The company has, however, sought concessional import duties of about 15% to 20% on import of cars for atleast the first two years.