Tesla is exploring the Indian market to build a new factory

Tesla is actively exploring opportunities in India to build a new $3 billion factory.

Here's What We Know

The Financial Times noted that the electric car manufacturer will focus on the states of Maharashtra, Gujarat and Tamil Nadu, which already have automotive hubs. Tesla has recently been actively working to expand its production, and India, with its promising automotive industry, could become a key market.

At the same time, India is actively working to attract foreign investment in the production of electric vehicles. Last month, the country reduced import tariffs for certain electric vehicles, which is encouraging companies to produce in its territory.

India's Prime Minister, Narendra Modi, has already given signals of his desire to support domestic production of electric vehicles, so this was another incentive for Elon Musk's company to consider India as a potential location for production expansion.

Source: Financial Times