Tesla Inc. is set to procure automotive components worth between $1.7 billion and $1.9 billion from India this year, a notable increase from the $1 billion sourced in 2022. The announcement was made by Piyush Goyal, India’s Minister of Commerce and Industry, during an automotive event in New Delhi.
Goyal emphasized the positive impact of this collaboration, stating that India would soon reap the rewards of new technologies, innovation, and research and development (R&D) entering the country. Tesla’s CEO, Elon Musk, had previously expressed the company’s intentions to invest in India and establish a local presence in the Indian market as soon as possible, signaling its commitment to the region’s growth and development.
