Tesla aims to increase India’s component sourcing to $1.9 billion, almost doubling its current amount.

Tesla ‌Inc to Source $1.7-$1.9 Billion Worth of ​Components from India

In an exciting development, Tesla Inc has ⁣announced plans to source components worth $1.7-$1.9 billion from India this ⁢year. This move ⁣comes as the electric vehicle maker gears up⁣ to⁢ establish ‍a factory in​ the country.

“Tesla last year already bought $1 billion worth of components from India… ​this⁤ year their target is $1.7-$1.9 billion,” Commerce Minister Piyush ‌Goyal revealed at ⁣an auto conference.

With the aim⁤ of producing a low-cost electric vehicle ⁣(EV) ⁤priced at​ $24,000, around ‍25% cheaper than Tesla’s ‌current entry-level model,‌ Tesla’s senior executives had previously met with the minister to discuss their plans ​for a factory ⁤in​ India. This​ factory would cater to both the ⁤Indian⁤ market‌ and exports.

Commerce‍ Minister Piyush Goyal expressed his conviction in the‌ future of ⁤EVs,⁢ stating, “I am convinced that this (EVs) is the future. It is something we must ‌try ⁤to attract.”

Exciting times⁢ lie ahead as Tesla strengthens its ties with ⁤India and continues to revolutionize the electric vehicle industry.

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